Slovakias score in economic freedom ranking slightly deteriorates.

By bne IntelliNews January 13, 2011
Slovakia was rated 37th in a ranking by the U.S.-based Heritage Foundation, with a score of 69.5 points, down by 0.2 points, the 2011 Index of Economic Freedom report showed. The country registered progress in five out of the 10 economic freedom categories. On a regional scale, Slovakia ranked 20th out of 43 European countries, i.e. above average. It ranks as moderately free. The report praised the country for improved efficiency of the regulatory system which has made launching a private business more streamlined, and licensing requirements - less burdensome. The report identified Slovak tax rates as relatively low which combined with sound economic fundamentals and prudent regulatory framework for the financial sector have contributed for a relative quick rebound from global economic slowdown and for the considerable degree of resilience of the Slovak economy. The report attributed the deteriorated result to significant corruption and red tape slow entrepreneurial dynamism. Regaining fiscal discipline has been recognised as another factor that poses a significant challenge. According to the report, Slovakia is one of the most popular destinations for foreign direct investment in Europe due to the countrys openness to foreign trade and investment. The countrys property rights and freedom from corruption score dropped the most - by 5 points. Property rights deteriorated due to delayed decisions and remaining corruption. Freedom from corruption worsened as result of the abolishment of the special court for corruption and organized crime and the establishment of a new Specialized Court with more limited powers.

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