Bulgaria deteriorates in terms of economic freedom.

By bne IntelliNews January 21, 2010
The score of Bulgaria in terms of economic freedom worsened by 2.3 points to 62.3 out of a maximum 100 points relative to last year, reveals the latest ranking published by the Heritage Foundation and The Wall Street Journal. It ranked 75 th out of 179 countries all over the world and remains in the group of moderately free countries. Last year, the country occupied the 56 th position. It is the worst rated country of all EU member states and occupies 36 th place in the European region. The deterioration reflects losses in investment freedom and freedom from corruption and growth in government spending. The scores of the monetary and the labour freedom also worsened. The countrys scores exceed the world average in terms of business, trade, fiscal, investment, financial, and labour freedom. Bulgaria continues to lag significantly in terms of property rights freedom and its score remained at 30 as compared to world average of 43.8 as the judicial system fails to solve commercial disputes, register businesses, or enforce judgments effectively. Thus increasing the independency of the judicial system is seen as the key area for reform as the main weaknesses with respect to economic freedom refer to weak property rights, lingering corruption, and burdensome bureaucracy. However, the authors note the comprehensive economic reform and trade liberalization and the competitive flat tax rates as factors for the high economic growth in the past years, the investment expansion and the job creation.

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