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Slovakia 36th in 2005 economic freedom index

SLOVAKIA ranked 36th out of 155 countries in the 2005 Index of Economic Freedom (IEF), compiled annually by the Heritage Foundation (HF) and the Wall Street Journal.

The IEF authors think that over the last ten years Slovakia has made great progress towards a free economy. Removing bureaucratic barriers and improving investment opportunities are key factors.

In 1998, Slovakia came only 77th in the IEF chart, TASR news agency wrote.

Slovakia's 19-percent flat tax rate is a "massive opportunity for the development the economy" said one of the authors of the IEF, Marc Miles of the Heritage Foundation.

However, the country's continuing problems are law enforcement and ownership rights. "There are no defined rules of the game without a proper definition of ownership rights. This presents a great risk, even eclipsing the advantages of lower taxes,” he said.

Slovakia had a tally of 2.43 points in this year’s IEF, placing it in the category of counties with a largely free economy.

Last year Slovakia ranked 35th with 2.44 points. Based on the number of points the index divides countries among those with free, largely free, largely unfree, and repressed economies.

Compiled by Martina Jurinová from press reports
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