World’s Best: Economies…Also known as: To where should I move?

When most people think of economies, they think of Gross Domestic Product (GDP) as well as trading ability and health standards, so imports versus exports. This is not the only factor of economies, though. The main key to a good economy is economic freedom. This means the corruption is generally low; property rights are high, and there are plenty of open markets. Let’s look who the top five countries are that rank as the most economically free, as well as the highest five nation’s GDP.

The first thing in evaluating an economy is the GDP. If Global Economy 03there is a high GDP, the country is producing a lot of goods. Currently, the top five nations in terms of GDP are in order: The USA, China, Japan, Germany, and the United Kingdom. These are some of the richest nations in the world, as well as countries that play important roles in the UN, IMF, and World Bank because money equals power.

Now the next thing to look at are the top five countries in terms of economic freedom. In order, they are Hong Kong, Singapore, New Zealand, Australia, and Switzerland. None of these countries appear on the GDP ranking until number 12, where Australia is ranked. GDP does not always equal the best economy, as proven here. Economic freedom is based on these factors: property rights, freedom from corruption, government spending, business, labor, fiscal (in terms of government), trade, investment, financial, and monetary freedom.

EconomyNow, where does the top GDP earners rank in economic freedom? In order, it goes the US at 12, the United Kingdom at 13, Germany at 16, Japan at 20, and China at 139. Now to look at it the other way around, the most economically fee nations rank in order in GDP as Australia at 12, Switzerland at 19, Hong Kong at 34, Singapore at 37, and New Zealand at 54.

Now, to answer the title question. These ten countries are arguably the best because of their respective top rankings, but which ones should be considered overall best to live in? First, let’s eliminate the ones not to go to, which would be: China, New Zealand, Japan, Singapore, Germany, Switzerland, and Hong Kong. We now have the US, Australia, and the UK left, and they are still on the list due to best rankings between the two charts. One of these three would be best, with a higher emphasis on the US or Australia, because they are the highest ones left in both rankings.