Colombia: Business freedom

* indicates monthly or quarterly data series
 Colombia

Business freedom index (0-100)

 Latest value 72
 Year 2023
 Measure points
 Data availability 1995 - 2023
 Average 75
 Min - Max 69 - 90
 Source The Heritage Foundation
For that indicator, we provide data for Colombia from 1995 to 2023. The average value for Colombia during that period was 75 points with a minimum of 69 points in 2022 and a maximum of 90 points in 2013. The latest value from 2023 is 72 points. For comparison, the world average in 2023 based on 179 countries is 60 points. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent values chart
Colombia - Business freedom - recent values

Historical chart
Colombia - Business freedom - historical chart - 1995-2023




The Business Freedom index for Colombia from The Heritage Foundation measures the ability to start, operate, and close a business. It reflects the overall burden of regulations and the efficiency of the government of Colombia in the regulatory process.
Definition: The Business freedom index is based on 10 indicators, using data from the World Bank’s Doing Business study: Starting a business-procedures (number), time (days), cost (% of income per capita), and minimum capital (% of income per capita); Obtaining a license—procedures (number), time (days), and cost (% of income per capita); Closing a business—time (years), cost (% of estate), and recovery rate (cents on the dollar).


 Related indicators Latest value Reference Measure
 Property rights 45 2023 points
 Freedom from corruption 41 2023 points
 Fiscal freedom 39 2023 points
 Business freedom 72 2023 points
 Labor freedom 62 2023 points
 Monetary freedom 78.60 2023 points
 Trade freedom 76 2023 points
 Investment freedom 80 2023 points
 Financial freedom 70 2023 points
 Economic freedom, overall index 63 2023 index points
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