For a country that knows how to handle democracy yes it is. I live in an ex-communist country and I can tell you that after the fall of the Communist regime and it's leader, Nicolae Ceausescu, we as people have more freedom than during his reign, business were possible after the so called "revolution", while before it everything belonged to the state, but salaries and the wealth of the whole country was affected.
I guess that almost all of the people couldn't take much longer under the regime, but didn't knew what to do with the democracy either. Lots of the factories were closed and sold for nothing, while people got unemployed or working for foreign companies for cheap wages while just a handful of people took the strings of power into their hands and businesses.
Democracy means definitely freedom, but only in the hands of the people who know what to do with it, otherwise it's just modern slavery.