According to The Heritage Foundations Index of Economic Freedom, Mexico is currently ranked in number 41 within the 183 countries analysed for the different aspects that constitute economic freedom. On a scale of 0 to 100 Mexico scored 63.2 with an improvement last year of 2.5 points, which ranks Mexico on world´s top 22%.

The Index of Economic Freedom has ten component scores and Mexico is this year among those who have improved the most. It ranks above the BRICs, just five places behind Spain, and instead 23 places above France, and 33 above Italy.

In the revision of last year, economies are ranked on their economic freedom based on ten different topics: business freedom, trade freedom, fiscal freedom, government spending, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labor freedom.

For instance, if we look at business freedom starting a business in Mexico takes an average of 13 days, whilst the world average is 35 days. The overall freedom to start, operate, and close a business is protected under Mexico’s regulatory environment. Business freedom scores 83.

From the 183 economies analyzed, Mexico ranks 41, which means that it is one of the top Latin American countries on the list and a much better place to experience an economically free society, where individuals are free to work, produce, consume, and invest in any way they please. With that freedom both protected by the state and unconstrained by the state.

In fact, all four BRIC countries are far behind Mexico and in evident need of reforms to make it easier for their citizens to foster their economy. These are the rankings for Index of Economic Freedom in comparison to BRIC:

Mexico – 41
Brazil – 113
India – 124
China – 140
Russia – 143

Finally, though navigating through difficult times for the whole economic world, Mexico managed to be among the few gainers in economic freedom this year. None BRIC or OCDE country was among that list.