This white paper aims to identify groups of countries with similar socioeconomic indicators using the Index of Economic Freedom.
Descriptive statistics, boxplots, k-means clustering and variables characterization are some of the XLSTAT tools used for the purpose of this analysis.
Table of Contents
Descriptive analysis of indicators
Corporate tax rate
Infant mortality rate (less than 1 year old)
Classifying countries into homogeneous groups
Choosing the number of clusters
Cluster profile analysis
Visualizing the classification