>>> Romania ranks before other countries like Poland (45), Bulgaria (47), Belgium (52), Hungary (55), Spain (60), France (71) or Italy (79)
By Emea Riga
Romania ranks 37th out of 180 in the ranking of the most free economies in the world, up two positions compared to last year. This is the report released on Friday by the Heritage Foundation, a reputable economic analysis organization in Washington.
According to the Index of Economic Freedom in 2018, Romania ranks 19th out of the 44 states in the region of Europe, and its score is above the regional and global average.
However, the Heritage Foundation points out that Romania's score (69.4 points) fell 0.3 points compared to last year due to low scores for government integrity and intellectual property rights that countered the progress made in the labor freedom indicators and government spending, "the Heritage Foundation report said.
'Sub-financed Romanian courts suffer from chronic corruption and political influence. At the beginning of 2017, following the biggest protests since the fall of communism, the government was forced to repeal an ordinance that would sabotage efforts in the fight against corruption, 'says the Heritage Foundation.
On the other hand, the authors of the report point out that Romania has made progress in the area of government choices, noting that both the personal income tax and the corporate tax is 16%, the tax burden is equivalent to 27.5% of the total income, Government spending for the last three years accounted for 33.2% of GDP and the average budget deficit was 1.9% of GDP.
"Lack of labor and political instability are the biggest risks to one of Europe's strongest growth economies," the Heritage Foundation report said.
Romania ranks in the top position in some countries like Poland, 45th place, Bulgaria (47), Belgium (52), Hungary (55), Spain (60), France (71) or Italy (79) such as FYROM, which is in position 33, Botswana (35) and Vanuatu (36).
And this year, Hong Kong ranks first with a score of 90.2 points, up 0.4 points over last year. Singapore, New Zealand, Switzerland, Australia, Ireland, Estonia, United Kingdom, Canada and the United Arab Emirates are in order.
The economic freedom is assessed in 10 areas, the score being given for the degree of freedom of business, trade, fiscal freedom, freedom from government intervention, monetary freedom, investment, financial, labor market, respect for property rights, lack of corruption.