In 2008, Bulgaria ranked 36th worldwide and 15th among EU countries in terms of economic freedom, according to a 2010 report of Canada's Fraser Institute, Economic Freedom of the Worlds 2010, made public by the Institute for Market Economics (IMI).

The report takes stock of the situation in 2008, the last year for which official data for all countries was available. It uses an index to measure the degree to which the policies and institutions of countries are supportive of economic freedom.

The cornerstones of economic freedom are personal choice, voluntary exchange, freedom to compete, and security of privately owned property. Forty-two data points are used to construct a summary index and to measure the degree of economic freedom in five broad areas: (1) size of government: expenditures, taxes, and enterprises; (2) legal structure and security of property rights; (3) access to sound money; (4) freedom to trade internationally; and (5) regulation of credit, labor and business.

Bulgaria's score was upgraded thanks to a reassessment of one of the data points in the size of government area. Bulgaria was given a 7.31 score and placed 36th, up from 41nd place with a 7.30 score.

"Economic freedom in Bulgaria has increased significantly over the last decade, but in the past three to four years growth has slowed. The anti-crisis measures have limited economic freedom, which will translate into slower recovery and smaller economic growth in the coming years," argued Peter Ganev of the IMI, quoted in the press release.

This year's report shows that the economic freedom has slumped for the first time in 25 years globally, with a freedom score of 6.67 in 2008 down from 6.74 in 2007.

The report places at the top Hong Kong (9.05), Singapore (8.70) and New Zealand (8.27). Of all 141 countries in the poll, Zimbabwe ranks last, with 3.57.

Source: BTA