The global economic impact of violence was $16.5 trillion in 2021, equivalent to 10.9% of global GDP, or $2,117 per person. Iceland remains the most peaceful country in 2022, a position it has held since 2008.
Read More About SingaporeSingapore's economic freedom score is 83.9, making its economy the world's freest in the 2023 Index. Its score is about the same as last year.
The economic strength of a country is determined by its gross domestic product (GDP). In other words, the amount of all income generated in the country from the sale of goods and services. With a GDP of 23.32 trillion dollars, the USA is by far the world's largest economy in this ranking for 2021.
2022 rankings
In the 2022 index, New Zealand is ranked most free overall, while North Korea is last. Hong Kong was ranked most free in economic liberty, while Norway was ranked most free in the social liberty category.
Australia ranks third freest economy in the world according to The Index of Economic Freedom. Australia ranks third in the 2021 Index of Economic Freedom, which measures the degree of economic freedom in all countries.
Emerging markets (E7) could grow around twice as fast as advanced economies (G7) on average. As a result, six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd) and Indonesia (4th)
Our projections imply that the world's five largest economies in 2050 (measured in real USD) will be China, the US, India, Indonesia, and Germany (with Indonesia displacing Brazil and Russia among the largest EMs).
12 Safest Countries in The World: 2023 Edition
Iceland takes the GPI crown for the safest country in the world, followed by New Zealand, Ireland, Denmark, and Austria in the top five.
1. Iceland. Iceland, the land of fire and ice, is also the safest country in the world according to the Global Peace Index. With a low homicide rate, low level of violent crime, and limited access to small arms, Iceland is truly a peaceful country for its residents and visitors.
Australia is considered a wealthy nation with a market-based economy that has a comparatively high gross domestic product and per capita income. Its economy is driven by the service sector and the export of commodities. [Explore the top universities in Australia.]
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
It is internationally competitive in financial and insurance services, technologies, and high-value-added manufactured goods and has free-trade agreements with the U.S., China, Japan, South Korea, the Association of Southeast Asian Nations, and the United Kingdom.
The smallest country in the world is Vatican City, with a landmass of just 0.49 square kilometers (0.19 square miles). Vatican City is an independent state surrounded by Rome.
Source: Australian Energy Update 2022. Department of Climate Change, Energy, the Environment and Water. Australia ranks 7th on the OECD Better Life Index, based on living conditions and quality of life.