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It lost that status a long time ago. We keep the veneer of it intact, though.
Is this just your vibes or do you have a source? Because I just checked the website of the organization this article is referencing and it says no such thing.
Most of the "Democracy" status countries are bull shit anyway. They are heavily weighed on "Economic Freedom" which is a fancy way of saying the freedom for which Imperialist nations corporations are able to exploit third world countries resources.
Nationalize your oil system and have the profits of it go directly back to your people for the improvement of social programs? Damn, that sounds like Communism!
Sell oil drilling rights to Shell to "bring jobs" to your country that pay poverty wages, destroy local ecosystems, and extract all your resources with no benefits to the local population? Well, that's "Economic Freedom" baby!
First of all, that's not what "Economic Freedom" means in the context of democracy, but more importantly "economic freedom" is not even a factor in the methodology used by the group this article is citing.
I wasn't referencing the article I was speaking more generally on things like "Democracy Index" or others that care more about a country having unregulated free markets than they do about citizens having healthcare. This is often what these "democracy" surveys refer to as Economic Freedom. You can pretend it's how they act like it's defined like "oh the government can't tell you what business you can run as a poor mom and pop shop". But in reality it's the biggest players that benefit from unregulated markets on a global scale.
It's why a capitalist hellhole like Argentina is considered a "flawed democracy" and Cuba is considered "Authoritarian". It's just neoliberal bull shit.