New York, 04 February (STA) - Slovenia has returned to the group of moderately free economies in the 2018 Index of Economic Freedom, compiled annually by the Heritage Foundation and the business newspaper Wall Street Journal, having climbed 33 spots to 64th among 180 countries. The list is topped by Hong Kong, Singapore and New Zealand.
Slovenia scored 64.8 points, which compares to 90.2 scored by Hong Kong as the top ranked country. The 5.6-point improvement in Slovenia's score is attributed mostly to a "dramatic upsurge in fiscal health", which the authors say "eclipsed" lower scores for the government integrity and business freedom indicators.
Slovenia is ranked 31st among 44 countries in the Europe region, and its overall score is below the regional average but above the world average.
The report finds that Slovenia's government "maintained a laser-like focus on fiscal consolidation to ensure the long-term stability of public finances".
The government is also lauded for implementing structural reforms in the corporate and banking sectors, restructuring and pursuing privatization of indebted state-owned enterprises, and improving corporate governance in the hope of attracting new foreign direct investment.
However, "institutional weaknesses continue to undermine prospects for long-term economic development. In particular, the judicial system remains inefficient and vulnerable to political interference. Corruption continues to be perceived as widespread."