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Korea, World's 15th on "Economic Freedom Index"
South Korea's economic freedom ranked 15th, up four notches from its 2022 ranking, out of 176
countries in the "2023 Index of Economic Freedom" released by the World Heritage. Also, it was
evaluated that the level of freedom regarding the exercise of property rights and judicial efficiency
increased, with significant improvements in financial soundness.
2023 Index of Economic Freedom
-
Free (80 ~ 100)
- Singapore 1st
- Switzeland 2nd
- Ireland 3rd
- Mostly Free (70 ~ 79.9)
- Germany 14th
- Korea 15th
- US 25th
- Moderately Free (60 ~ 69.9)
- Japan 31th
- France 57th
- Italy 69th
- Mostly Unfree (50 ~ 59.9)
- Kuwait 108th
- Brazil 127th
- India 131th
- Repressed (0 ~ 49.9)
- China 154th
- Iran 169th
- Cuba 175th
※ Source : The Heritage Foundation (2023) “2023 Index of Economic Freedom”
Favorable Business Infrastructure
Korea has excellent access to physical infrastructure, ranking 8th in the world, and the price of
energy for industrial use also remains relatively low among OECD members. Affordable electricity
prices help businesses improve business efficiency by reducing production costs and serve as a key
factor in ensuring a long-term business foundation.
Physical Infrastructure Accessibility (2021)
- 1st Finland - 8.59
- 2nd Lithuania - 8.52
- 3rd UAE - 8.14
- 6th Switzeland - 7.93
- 8th Korea - 7.66
- 9th Sweden - 7.55
- 10th US - 7.49
- 15th France - 7.15
- 16th Japan - 7.14
- 20th Spain - 6.76
- 25th Israel - 6.65
- 26th Canada - 6.59
- 27th UK - 6.53
- 36th Germany - 6.07
- 38th Italy - 5.98
※ Source : Global Entrepreneurship Research Association (Apr. 2022)
“Global Entrepreneurship Monitor 2022”
Electricity Prices for Industry
- Germany - 173.38
- Japan - 161.86
- UK - 157.19
- Switzeland - 126.14
- France - 124.63
- Austia - 118.56
- Korea - 94.33 (USD/MWh)
- Canada - 89.7
- Denmark - 77.12
- US - 66.61
※ Source : IEA (Oct. 2022) "Key World Energy Statistics"