Belize Ranks 17 Regionally on Economic Freedoms

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Updated: October 13, 2015

The website, www.heritage.org is an online hub where reports on countries around the world are published regarding their collected data on the economy of each nation.  Belize is one of the one hundred and eighty six countries that the website delivers a report on and when it comes to economic freedom, the website has ranked Belize at number twenty in the South and Central America region as well as in the Caribbean.   It ranked one hundred and seventeenth, globally.  Belize’s economic freedom score is 56.8, making its economy the 117th freest in the 2015 Index. According to the site, Belize’s overall score is about the same as it was last year but the report did show that the Government has shown improvements in investment freedoms as well as in the control of government spending.  The report went on to say that there have been other declines when it comes to freedoms from corruption, business and labor freedoms.  The country’s judiciary system was also pointed out as being flawed, saying, quote, “A weak and politically vulnerable judiciary has been ineffective in upholding the rule of law, and the country has become a haven for money laundering and drug transit. Despite a comparatively high level of trade freedom, dynamic gains from trade have been undercut by the lack of progress in reforming the investment climate and the financial sector.”  End of quote.  In this report, there are ten freedoms that are looked ranging from property rights to entrepreneurship.  This Economic Index has been delivering reports for the last twenty years on the basis that economic freedom is the fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please. In economically free societies, governments allow labor, capital, and goods to move freely, and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself.