Business News

Slovenia Edges Higher on Economic Freedom Ranking

Toronto, 20 September (STA) - Slovenia gained three spots on the Fraser Institute's economic freedom index to rank 61st among 141 countries with an overall rating 6.94 points out of 10. The survey by the Canadian think tank puts Hong Kong in first place.

The "Economic Freedom of the World" report measures the degree to which the policies and institutions of countries support economic freedom. This year's report uses data from 2008 with regard to 42 factors which constitute the whole ranking.

On a scale from 1 to 10, Slovenia's index representing size of government dropped from last year's 5.21 to 5.20 and so did the index of freedom to trade internationally (from 7.30 to 7.25).

But the other three indices recorded an increase, with legal structure and security of property rights index rising from 5.94 to 6.02, currency stability index from 9.25 to 9.42 and regulation of credit, labour and business from 6.72 to 6.81.

While the average level of economic freedom globally decreased for the first time since 1980 due to the economic crisis, Slovenia is one of the few countries that managed to increase it.

Among Slovenia's neighbours, Austria is ranked highest, 15th, with an overall index 7.61. It is followed by Hungary in 28th place (7.44). Italy is behind Slovenia in 66th (6.90), while Croatia is 78th with an index of 6.51.

Hong Kong kept first place with an overall index standing at 9.05, followed by Singapore (8.70) and New Zealand (8.27).

Angola (3.89), Myanmar (3.81) and Zimbabwe (3.57) are at the bottom of the list.

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