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Canada ranks fifth in Economic Freedom Report

(Stock photo: FreeImages.com)

An economic think tank is warning Canada’s economic freedom score is likely to drop in the coming years.

The Fraser Institute is out with its annual Economic Freedom of the World report, which ranks 159 countries based on ease of investment, economic growth, income levels, and poverty rates.

Canada did well, ranking fifth overall.

However, the report warns the data used is from 2014, and since then, Alberta, Ontario and the federal government have implemented higher taxes and additional regulations on industry and business.

The most economically free country in the world is Hong Kong, while the U.S. ranked 16th.

The least free is Venezuela, though some countries like North Korea and Cuba were not ranked due to a lack of data.