BUSINESS IN SHORT

Economic freedom improves

SLOVAKIA claimed 33rd place among the 144 monitored countries in the Economic Freedom Network list, topped by Hong Kong as the country with the most economic freedom in the world.

SLOVAKIA claimed 33rd place among the 144 monitored countries in the Economic Freedom Network list, topped by Hong Kong as the country with the most economic freedom in the world.

The level of Slovakia’s economic freedom is comparable to that of Germany (31st), Malta and Norway (tied for 25th), the TASR newswire reported on September 17.

Slovakia’s economic freedom rating scored 7.45 on a scale of 0-10, 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 think tank from Canada.

As the evaluation of individual countries stems from retrospective data and required 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, for which Slovakia secured fifth place out of 144.

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).

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