Fraser Institute News Release: Economic freedom on the wane across Canada

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CALGARY, Alberta, Nov. 16, 2021 (GLOBE NEWSWIRE) — Canadian provinces as soon as once more lag behind U.S. states in financial freedom, finds a brand new report launched right now by the Fraser Institute, an unbiased, non-partisan, public coverage think-tank.

Financial freedom—the flexibility of people to make their very own financial choices about what to purchase, the place to work and whether or not to start out a enterprise—stays elementary to prosperity.

“Greater ranges of financial freedom result in extra alternative, extra prosperity, larger financial development, extra funding and extra jobs for Canadians,” stated Fred McMahon, the Dr. Michael A. Walker Analysis Chair in Financial Freedom on the Fraser Institute and co-author of this yr’s Economic Freedom of North America report, which measures authorities spending, taxation and labour market restrictions utilizing information from 2019 (the newest yr of obtainable comparable information).

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After seven straight years atop the rankings—which embody the 50 U.S. states, 32 Mexican states and 10 Canadian provinces—Alberta fell from prime spot three years in the past and this yr tied for 33 ^rd place.

“Whereas Alberta noticed a change in authorities in 2019 and has made some progress in altering the course of coverage, a lot stays to be finished to as soon as once more make the province probably the most economically-free jurisdiction in North America,” McMahon stated.

British Columbia is the second-highest ranked province (47 ^th ) adopted by Ontario (52 ^nd ), Saskatchewan (54 ^th ), Manitoba (55 ^th ) and Quebec (56 ^th ).

The 4 Atlantic provinces—New Brunswick (57 ^th ), Nova Scotia (58 ^th ), Newfoundland and Labrador (59 ^th ) and Prince Edward Island (60 ^th )—have the bottom ranges of financial freedom amongst all provinces and U.S. states, solely outranking the Mexican states. New Hampshire retained its prime spot within the rankings once more this yr.

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“As financial freedom wanes throughout Canada, the financial prospects additionally diminish for Canadians and their households,” McMahon stated.

The Economic Freedom of North America report (additionally co-authored by José Torra, head of analysis on the Mexico Metropolis-based Caminos de la Libertad) is an offshoot of the Fraser Institute’s Economic Freedom of the World index, the results of greater than 1 / 4 century of labor by greater than 60 students together with three Nobel laureates.

Detailed tables for every nation and subnational jurisdiction could be discovered at www.fraserinstitute.org .

MEDIA CONTACT :
Fred McMahon
Dr. Michael A. Walker Analysis Chair in Financial Freedom, Fraser Institute
Desk: (416) 363-6575 ext. 226 Cellular: (416) 727-7138
fred.mcmahon@fraserinstitute.org

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The Fraser Institute is an unbiased Canadian public coverage analysis and academic group with workplaces in Vancouver, Calgary, Toronto, and Montreal and ties to a world community of think-tanks in 87 international locations. Its mission is to enhance the standard of life for Canadians, their households and future generations by learning, measuring and broadly speaking the results of presidency insurance policies, entrepreneurship and selection on their well-being. To guard the Institute’s independence, it doesn’t settle for grants from governments or contracts for analysis. Go to www.fraserinstitute.org   

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