Serbia slightly improves position in economic freedom ranking.

By bne IntelliNews January 13, 2011
Serbia was rated 101st in a ranking by the U.S.-based Heritage Foundation, with a score of 58, up by 1.1 points, the 2011 Index of Economic Freedom showed. Serbia registered modest improvements in six of the 10 economic freedom categories. The country ranked 38th out of 43 countries in Europe and its overall score is below the world average. It still ranks as mostly non-free. According to the report, Serbia had implemented significant structural reforms over the last decade. However, Heritage Foundation assessed that deeper reforms are required to tackle bureaucracy, reduce corruption, and reform a weak judicial system that is exposed to political interference. Economic freedom in Serbia generally suffers from lack of adequate institutional support or political will to implement the required reforms. Government spending is high and poorly managed, withholding Serbias economic potential. The biggest improvement was registered is Serbia's investment freedom score, which rose by 10 points to 60. According to the report, Serbian law provides for national treatment of foreign capital, and investment is not screened. Most sectors of the economy are open to foreign investment and the investment environment is improved, but regulatory uncertainty and corruption discourage foreign investment. The country's labour freedom score was down by 3.3 points to 68.9 reflecting the lack of dynamism on the local labour market.

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