Italy ranks 46th out of 165 countries in the Fraser Institute of Canada's 2025 Annual Report on Economic Freedom of the World (EFW), which was released in partnership with the Einaudi Center. Italy rated 51st in the 2024 Report, improving overall and in four of the five EFW Report areas. Here is how Italy performed in the main components of economic freedom (on a scale from 1 to 10, where a higher value indicates a greater level of economic freedom): the size of government increased to 5.49 (140th rank) from 5.30 in the previous year's report; legal system and property rights: increased to 6.78 (35th) from 6.60; confidence in the monetary system increased to 9.04 (27th place) from 8.44; international trade freedom increased from 8.97 to 8.99 (6th); regulation: decreased from 6.79 (69th) to 6.58. "Global economic freedom peaked in 2019, but has since declined in each of the last four years", said Matthew Mitchell, a senior fellow at the Fraser Institute and report writer. Hong Kong was the world's most economically free jurisdiction in 2023 (albeit its score has dropped in recent years), followed by Singapore (2nd), New Zealand (3rd), Switzerland (4th), and the United States (5th).