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Colombia is #84
Colombia is #84 in Economic Freedom out of 176 Countries.
Every year the Heritage Foundation, a leading U.S. nonprofit, produces the Index of Economic Freedom Report and ranks how free and open each country’s economy is.
With a score of 59.2, Colombia classified as:
When it’s about soccer, every Colombian desperately wants to be #1. We need that passion where it really counts:
Want greater income and a better quality of life?
Improve economic freedom!
Evidence clearly shows that greater economic freedom leads to higher standards of living, increased job creation, improved education and healthcare, greater prosperity, and enhanced environmental stewardship.
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What Does Being “Mostly Unfree” Mean for Colombia?
Colombia’s classification as "Mostly Unfree" on the Index of Economic Freedom suggests significant government restrictions and structural barriers that limit economic opportunities and personal financial growth. For the average Colombian, this means facing high levels of bureaucracy, corruption, and regulatory inefficiencies, which can lead to fewer job prospects, limited access to secure property, and rising costs of living.
What categories doES COLOMBIA DO well in?
To do well ("mostly free") a country must score 70 or higher, and to do great ("free") it must do 80 or higher. Colombia scores relatively well in these areas (scores out of 100):
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Monetary Freedom 72.3
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Trade Freedom 72.6
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Investment Freedom 70.0
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Financial Freedom 70.0
Reflects a generally open market environment that supports business activities and economic stability.
Solutions
The country’s weakest category, Fiscal Health, scores a concerning 19.5 out of 100, reflecting Colombia’s high levels of government debt and persistent budget deficits. This score indicates that fiscal instability places pressure on public finances, often leading to inflation or tax increases that directly impact citizens’ purchasing power. To improve this score, Colombia could focus on reducing government spending, adopting more efficient tax collection systems, and implementing policies that encourage economic growth without exacerbating debt levels.
Colombia also faces challenges in Government Integrity, scoring 38.1 out of 100, which measures levels of corruption and transparency in government operations. For Colombians, this score suggests that corruption remains a substantial issue, leading to inefficient use of resources and limited trust in public institutions. Policy improvements could include strengthening anti-corruption laws, enhancing transparency in government contracts, and increasing oversight and accountability mechanisms to ensure ethical governance.
Property Rights in Colombia score 45.0 out of 100, pointing to weak protection of private property and limited access to secure land ownership. This low score affects the average Colombian by making it harder to invest in or develop property confidently, hindering wealth-building opportunities. Improving this category could involve reforming property laws to secure ownership rights, simplifying the legal processes for land acquisition, and enhancing judicial support to protect property owners from unlawful seizures or disputes.
Since 2015, our score in Colombia has gone from “Mostly Free” to “MOSTLY UNFREE”
