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Bulgaria is the world's 60th freest economy, According to the 2013 Index of Economic Freedom released Thursday.
The Balkan country has a total of 65 points (on a scale from 0 to 100), which places it one spot below Romania and one ahead of Thailand. It is ranked 29th out of 43 countries in the Europe region, and its overall score is above the world average but below the regional average.
"Despite a challenging global economic environment that has slowed economic growth in recent years, Bulgaria has maintained strong momentum in liberalizing economic activity while taking steps to restore fiscal discipline," the report on Bulgaria says.
"Continued reform efforts are needed to solidify the foundations of economic freedom and ensure vibrant economic development in the future. The judicial system remains inefficient and vulnerable to political interference, and corruption, perceived as widespread, remains a cause for concern."
Hong Kong has been named the freest economy in the world for the 19th consecutive year by the Heritage Foundation. Hong Kong scored 89.3, well above the global average of 59.6.
Singapore and Australia remain second and third respectively in the 2013 Index of Economic Freedom.
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