IN SHORT BUSINESS

Slovakia ranks 51st in economic freedom

SLOVAKIA ranked 51st out of the 123 states evaluated in the Index of Economic Freedom, developed by the FA Hayek Foundation in cooperation with the Canadian Fraser Institute.

Slovakia thus jumped up 16 places compared to last year, the private news agency SITA wrote.

"There is a chance that Slovakia will reach an even higher ranking in the future," FA Hayek Foundation president Ivan Švejna said.

Among post-communist countries in central and Eastern Europe, Slovakia ranked sixth and was 23rd among the European Union's 25 member states.

Out of the five main fields evaluated within the index, Slovakia scored highest in foreign trade freedom. "Thanks to low international trade barriers and its relative high importance for the national economy, Slovakia placed seventh out of all 123 countries that were evaluated," said Švejna.

On the other hand, Slovakia has work to do in the area of government expenditures, taxes, and government business activity. The survey indicates that there is still enough space in Slovakia for privatisation and reducing government interference in the economy.

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