TORONTO

Canada is among the world's most economically free countries, beating out even the United States, according to a Fraser Institute report.

Canada ranked ninth in an evaluation of 157 countries in the Economic Freedom of the World report, which examined levels of personal choice, the ability to enter markets and the security of privately-owned property.

"Economic freedom breeds prosperity and economically-free countries like Canada offer the highest quality of life while the lowest-ranked countries are usually burdened by oppressive regimes that limit the freedom and opportunity of their citizens," said Fred McMahon, who holds Fraser's Dr. Michael A. Walker Research Chair in Economic Freedom.

Although Canada dropped from seventh place to ninth place in the annual report, that change is not significant, McMahon insisted. He added the U.S. -- considered the land of liberty and a bastion of economic freedom -- ranked 16th.

"A weakened rule of law, the so-called wars on terrorism and drugs, and a confused regulatory environment have helped erode economic freedom in the United States, which remains behind Canada and other more economically free countries such as Qatar, Jordan and the United Arab Emirates," McMahon said

The top 10 most economically free jurisdictions are: Hong Kong, Singapore, New Zealand, Switzerland, United Arab Emirates, Mauritius, Jordan, Ireland, Canada, with the United Kingdom and Chile tied for 10th.

Canada received a ranking of 7.89 out of 10 while Hong Kong scored a 8.97 out of 10.

"Everyone is behind Hong Kong," McMahon said. "Hong Kong remains number one. But because democracy is the best safeguard of freedom, if China -- which ranks low in economic freedom -- encroaches on Hong Kong, we can expect Hong Kong's ranking to fall."

The report says people living in countries with high levels of economic freedom have greater prosperity, more political and civil liberties, and longer lives.

Some of the lowest-ranked countries are Angola, Central African Republic, Zimbabwe, Algeria, Argentina and Syria.

The top 10 countries ranked for economic freedom by the Fraser Institute:

1. Hong Kong

2. Singapore

3. New Zealand

4. Switzerland

5. United Arab Emirates

6. Mauritius*

7. Jordan

8. Ireland

9. CANADA

10. United Kingdom and Chile

*An island nation about 2,000 kilometres off the southeast coast of the African continent