Key components of economic freedom

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GEOMETR.IT  4liberty.eu

* Last week, the Economic Freedom of the World: 2018 Annual Report was released. The report is based on data from 2016 (the most recent year of available comparable data) and measures the economic freedom

The annual Economic Freedom of the World report is produced by the Fraser Institute in cooperation with the Economic Freedom Network, a group of independent research and educational institutes in nearly 100 countries and territories.

Hong Kong and Singapore again top the index, continuing their streak as 1st and 2nd respectively. New Zealand, Switzerland, Ireland, the United States, Georgia, Mauritius, the United Kingdom, Australia, and Canada (tied for 10th) round out the top 10.

Other notable countries include Germany (20th), Japan (41st), France (57th), Russia (87th), and China (108th).

Countries in Central and Eastern Europe (CEE) rank as follows: Estonia and Lithuania (tied for 13th), Romania (20), Latvia (23), the Czech Republic (30), Albania (34), Bulgaria (46), Slovak Rep. (53), Poland (54), Hungary (59), Macedonia (68), Slovenia (71), Montenegro (72), Croatia (75), Serbia (84), and Bosnia and Herzegovina (98).

The 10 lowest-ranked countries are Sudan, Guinea-Bissau, Angola, Central African Republic, Republic of Congo, Syria, Algeria, Argentina, Libya, and last-place Venezuela.

Some despotic countries such as North Korea and Cuba could not be ranked due to lack of data.

Figure 1 presents the level of economic freedom from 2000 to 2016, with economic freedom improving in the world from 6.74 in 2008 to 6.80 in 2016 and improving in Central and Eastern Europe (CEE) from 7.14 in 2008 to 7.31 in 2016. 

Figure 1: Economic Freedom

Central and Eastern Europe (CEE) scores in key components of economic freedom (from 1 to 10, where a higher value indicates a higher level of economic freedom) are as follows:

  • Size of government: changed to 6.12 from 5.90 in the last year’s report;
  • The legal system and property rights: changed to 5.64 from 5.69;
  • Access to sound money: changed to 9.13 from 9.20;
  • Freedom to trade internationally: changed to 8.11 from 8.10;
  • Regulation of credit, labour and business: changed to 7.56 from 7.62.

Figure 2 shows the change in key components of economic freedom for Central and Eastern Europe (CEE) scores since 2000.

Figure 2: Key components of economic freedom for Central and Eastern Europe (CEE)

The annual Economic Freedom of the World report is produced by the Fraser Institute in cooperation with the Economic Freedom Network, a group of independent research and educational institutes in nearly 100 countries and territories.

The publication is not an editorial. It reflects solely the point of view and argumentation of the author. The publication is presented in the presentation. Start in the previous issue. The original is available at:  4liberty.eu

GEOMETR.IT

6 Comments

  1. A visitor returning to these countries after a few years away will find new highways, modernized buildings, and a plethora of foreign investment. At the same time, low unemployment is boosting consumer confidence and domestic demand, while the continued flow of EU cohesion funds means money is still pouring into the region.

  2. Such strong economic performance is prompting political leaders in Central and Eastern Europe to demand a greater say in the future of the EU.

  3. don’t know why the author of this article is using 2018 forecasts of the European Commission to illustrate this article. Macroeconomic forecasts are notoriously unreliable. The graphs show Romania’s GDP growth at 4.4% for example, while it was running at 8% in the third quarter of 2017.

  4. Without the cohesion funds the V4 countries would collapse. Half of the money goes to silly projects, and a good amount into privileged people’s pockets.

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