Fraser Institute: Bulgaria ranks 45th in terms of economic freedom

Bulgaria ranks 45th in terms of Economic Freedom of the World: 2012 Annual Report, prepared by the Canada's Fraser Institute and published in Bulgaria by the Institute of Market Economy. The report presents the situation in 2010 – the last year when there were official data about all countries. Bulgaria shows a slightly worse result than 2009 due to the slowing down of economy and the greater role of the country, as well as due to the excessive deficit and expenses for fighting the crisis. Bulgaria produced its best result in the category “access to secure and sound money”, which is determined by the currency board and low inflation. In 2009 and 2010 when the crisis hit Bulgaria the hardest, the average annual inflation was below 3% while in previous years of fast growth it reached far higher levels and even exceeded 10% in 2008. The 2012 report shows that economic freedom over the world is slightly improving and the average global assessment in a scale of 1 to 10 was 6.83 in 2010. The crisis provoked wider state intervention in developed countries, which reduced economic freedom over the world to historically low levels in 2009. The return to economic freedom over the last year is still fragile and is led by developing countries.

The ranking is topped by Hong Kong, followed by Singapore, New Zealand and Switzerland. The USA and the UK continue yielding their positions and are already out of top 10, which has never happened so far. Venezuela has the lowest level of economic freedom of all 144 countries, included in the survey.

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