Bulgaria Climbs Up in Economic Freedom Index

Business | January 28, 2015, Wednesday // 21:47|  views

Bulgaria has climbed up 6 places in the 2015 Index of Economic Freedom compared to the previous year, currently ranking between Hungary and Oman.

According to the index prepared on a yearly basis by the Heritage Foundation in partnership with the Wall Street Journal, the country's overall score is 1.1 points better than in 2014 "due to improvements in investment freedom, freedom from corruption, and monetary freedom that outweigh declines in business freedom and labor freedom."

On a European level, Bulgaria is currently 26th out of 43 countries in the region, with its overall score "above the world average but below the regional average."

Economic freedom in Bulgaria has advanced "by nearly 2.0" points over the past few years due to "a more open investment environment, improvements in the fiscal outlook, diminished perceptions of corruption, and now inflation." The ranking says out of ten factors investment and monetary freedom recorded gains alongside four other factors, advancing 10 and 7.7 points respectively.

The index praises Bulgaria's steps "to control budget deficits and public debt more efficiently", though it says more effort is necessary "to achieve broad-based economic freedom and growth."

It further elaborates on Bulgaria's performance in various areas. In "Rule of law", it cites as problems "corrupt and inconsistend public administration, a weak judiciary, and organized crime" in the first place.

As for "Regulatory efficiency" it comments the country for an overall regulatory framework that "supports entrepreneurial activity," but notes it takes more than three months to obtain a license and also that labor market needs futher reforms.

The "Open markets" summary reads that "Bulgaria's regulatory and court systems can be a hurdle for foreign investors."


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Tags: Heritage Foundation, Index of Economic Freedom, Bulgaria, Hungary, Oman


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