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Slovakia improves its Economic Freedom Index by 0.7 points
18 Sep 2012 Flash News
Hong Kong still tops the Economic Freedom Network list as the country with the most economic freedom in the world, with Slovakia claiming 33rd place among the 144 monitored countries.
Thus, Slovakia's economic freedom was comparable to that of countries such as Germany (31st) and Malta and Norway (tied for 25th), the TASR newswire learnt from Tomäš Púchly of F. A. Hayek Foundation on Monday, September 17. Slovakia's economic freedom rating scored 7.45 points in the 0-10 range, whereas Hong Kong boasts 8.90 points. The bottom spots on the list were claimed by Myanmar and Venezuela.
The chart was drafted by 75 NGOs from throughout the world, including the Slovak branch of the F. A. Hayek Foundation. The evaluation team was headed by the right-wing Fraser Institute (Canada) think-tank. As the evaluation of individual countries stems from retrospective data and involves time for analysis, the list reflects the state of affairs as it stood in 2010 – a year that saw the former right-wing government led by Iveta Radičová in power for its latter half. Hence Slovakia improved its standing year-on-year by 0.7 points and jumped from 36th place from a year earlier. The country fared best in fiscal stability, a parameter in which Slovakia even secured fifth place out of 144. Slovakia also scored well in freedom of international trade, where it claimed 17th place.
On the other hand, Slovakia still has a lot of room for improvement in business regulations (90th place) and the size of state bodies (80th place). The economic freedom index is drafted based on 42 parameters, with points attributed for rules that enable a greater degree of personal freedom, voluntary exchange, competition on open markets, rule of law and protection of private property.
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