Bulgaria is between Uganda and Mongolia on Economic Freedom Ranking

Business | September 28, 2018, Friday // 12:16
Bulgaria: Bulgaria is between Uganda and Mongolia on Economic Freedom Ranking

Bulgaria ranked 46th out of 162 countries in the Fraser Institute's 2018 Economic Freedom Index. The survey is based on data from 2016, the last year for which official data is available for all countries. The results of the ranking were disseminated by the Institute for Market Economics (IME).


Bulgaria has 7.41 points out of the top 10, with Botswana ahead of our country, while Uganda and Mongolia rank right after. Compared to last year's edition, Bulgaria's result increased by 0.01 points, but its place remains the same. This year's result places the country on 19th place in the European Union.


According to the government size criteria, last year's result remains the same at 7.02 points. Bulgaria receives maximum points for the flat tax, but the overall result is reduced due to the size of government spending and government transfers and subsidies.


Bulgaria continues to receive the lowest rating in the category of the judiciary and property rights. For 2016, the country receives 4.83 points, with a decline of 0.05. The main reasons for the deterioration in this indicator are the low judgments about the independence and impartiality of the court, as well as the credibility of the police. Of the 42 indicators in the index, the lowest marks for a year are the independence and impartiality of the court - by 3.33 points of the maximum 10 points in this year's edition.


Traditionally, Bulgaria performs best in the "stable money" category - 9.44 points. There is the biggest positive difference, which is 0.08 points. The high score shows that the country is characterized by low and stable levels of inflation, as well as not limiting the exchange of currency and the ability to freely maintain bank accounts in foreign currency.


The country's rating is comparatively high and the international trade criterion - 8.12 points, with a drop of only 0.01 pts. Here the key point is Bulgaria's EU membership and the adopted common customs tariff of the Union with third countries.


There is an increase in Bulgaria's performance in areas such as lending, labor and business. For the year 2016 the country received 7.61 points, the increase being 0.03. These statistics are a result of the relatively weak regulation of credit markets and heavy labor and business regulations. Estimates reflect heavy regulations on hiring and dismissing workers, heavy and expensive bureaucracy, multiple administrative requirements for business, and high levels of corruption, IME said.


The top two places this year, like last, are Hong Kong and Singapore, followed by New Zealand, Switzerland, Ireland, USA, Georgia, Mauritius, UK, Australia and Canada. At the bottom of the list are Venezuela, Libya, Argentina, Algeria and Syria.

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