South Korea: Business freedom

* indicates monthly or quarterly data series
 South Korea

Business freedom index (0-100)

 Latest value 85
 Year 2024
 Measure points
 Data availability 1995 - 2024
 Average 82
 Min - Max 70 - 94
 Source The Heritage Foundation
For that indicator, we provide data for South Korea from 1995 to 2024. The average value for South Korea during that period was 82 points with a minimum of 70 points in 1995 and a maximum of 94 points in 2012. The latest value from 2024 is 85 points. For comparison, the world average in 2024 based on 175 countries is 62 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
South Korea - Business freedom - Recent values chart

Historical chart
South Korea - Business freedom - historical chart - 1995-2024

The Business Freedom index for South Korea 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 South Korea 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).

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 Related indicators Latest value Reference Measure
 Property rights 88 2024 points
 Freedom from corruption 69 2024 points
 Fiscal freedom 92 2024 points
 Business freedom 85 2024 points
 Labor freedom 57 2024 points
 Monetary freedom 77.30 2024 points
 Trade freedom 73 2024 points
 Investment freedom 60 2024 points
 Financial freedom 60 2024 points
 Economic freedom, overall index 73 2024 index points
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