Serbia ranks 84th in world in economic freedom

In terms of economic freedom, Serbia is placed in the lower half on the global list, and out of all Western Balkan countries, only Bosnia and Herzegovina ranked worse – says the report compiled by the Canada-based Fraser Institute.

The report, based on data from 2017, states that the degree of economic freedom affects the country’s wealth, life expectancy and the level of happiness. In the report, Serbia ranks 84th out of 162 countries, between Belize and Thailand, and is three places above Russia.

Out of the Western Balkan countries, Bosnia and Herzegovina has the worst position – ranked 98th, between Zambia and Ghana, while Albania is the 34th. Macedonia is at 68th place and Montenegro at 72nd.

Of the countries in the region that are members of the EU, Romania is the best ranked, in the 20th place, followed by Bulgaria at 46th, Slovenia at 71st and Croatia at 75th.

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The worst-placed EU member is Greece (108th), which is in terms of economic freedom, is at the same level as China and Swaziland. Belarus is 123rd and Ukraine is 134th.

The best-ranked countries are Hong Kong, Singapore, New Zealand, Switzerland, Ireland, the USA, Georgia, Mauritius, Great Britain, Australia and Canada.

The worst economic freedoms are found in Venezuela, Libya, Argentina, Algeria and Syria.

In the report for 2017, Serbia, compared to a year earlier, jumped five places. In the 2010 report, it was at 98th, and in 2005, at 110th.

Serbia received a poorer rating for its legal system and property rights; – 4.95 (10 is the highest mark), and the highest in the area of financial stability – 8.15. In the area of international trade freedom, it was marked with 7.6, in regulations with 7.15, and in the size of the government 6.41.

The Fraser Institute states that economic freedoms are associated with wealth – countries with greater economic freedom have, on average, significantly higher income per capita.

Thus, the top-ranked countries have the average GDP per capita of $40,376, the countries that are placed in the second quarter on the list the average GDP is $18,510, and for the countries of the third quarter, where Serbia is, the annual GDP per capita stands at $11,465r. The countries from the fourth quarter of the list have the average GDP per capita of $5,649.

There is also a correlation between the life expectancy and economic freedoms. For the economically freer countries, the life expectancy is 79.45 years, for the second group 73.47, for the third 70.76, and for the countries with the least economic freedoms 64.4 years.

At the same time, economic and political freedoms match political and civil liberties, while gender equality is also higher in economically freer countries. There is a higher level of happiness in these countries too – says the Fraser Institute’s report.

(Nova Ekonomija, 25.09,.2018)




This post is also available in: Italiano

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