Colombia is placed 88th, and Brazil 90th. According to the general recognition of experts, Ukraine's economy belongs to the category of a "mostly unfree economy." Among the negative factors that influenced the country's economic development, experts cite economic instability caused by Ukrainian President Leonid Kuchma's attempt to extend his powers through constitutional reforms, which negatively affected Ukraine's previous achievements and increased the level of corruption and incompetence of the government. Experts also note Ukraine's high dependence on energy imports from Russia and the unfinished Odesa-Brody project, which restrains the country's economic growth.
Based on the results of 2004, Hong Kong's economy was recognized as the freest, and Singapore is in second place in the rating. These two countries have occupied the first two spots for 11 years in a row.
Further in the top ten follow Luxembourg, Estonia, Ireland, New Zealand, Great Britain, Denmark, Iceland and Australia.
Russia landed in 124th place out of 155 possible, entering the category of states with a "mostly unfree economy." Compared with previous years, the economic freedom rating of Russia has not undergone any particular changes, although in 2003 the country showed its best results for the entire time of the research.
As emphasized in the report of the research organization Heritage Foundation, which compiles the index of economic freedom together with the Wall Street Journal, Hong Kong's first place was ensured by low taxes, open markets and insignificant state interference in the economic sphere.