Serbia improves rankings in Index of Economic Freedom

WASHINGTON - Serbia has made progress on this year's economic freedom list advancing from the "mostly unfree" to the "moderately free" category based on the Index of Economic Freedom created by The Heritage Foundation and The Wall Street Journal.

Serbia ranked as "moderately unfree" with 60 points. This category also comprises Slovenia (60 points), Croatia (61.5 points), Montenegro (64.7 points) and Albania (65.7 points). Bosnia-Herzegovina is the only country in the region that has remained in the category of "mostly unfree" countries with 59 points.

Serbia is ranked 90th on the list, which this year comprises 178 countries, with an increase of 0.6 points compared to last year's Index, which reflects a progress made in five out of 10 economic freedoms, including freedom from corruption, property rights and monetary freedom. The index has plunged in the field of state expenditures.

Among 43 European countries, Serbia is ranked 37th, and its overall ranking is below the world and regional averages. The Heritage Foundation states that Serbia has for the first time reached the "moderately free" category, having made a transition towards market economy, with a two percent increase in economic freedom in the last five years.

The Foundation, however, adds that Serbia's further progress requires deep-seated institutional and structural reforms, given that corruption is still widespread, while the legal system is insufficiently independent and transparent.

Hong Kong has the highest index in the world (89.6 points), followed by Singapore (89.4) and New Zealand (82.1).

Photo Tanjug, Z. Zestic (illustration)