Serbia LAGGING BEHIND EUROPE in terms of economic freedom
In 2021, according to the Index of Economic Freedom, Serbia was ranked 72nd out of 165 countries, thus improving the last year’s position by two places, the Lubeck research club of the Fraser Institute has stated.
“This small progress, from 74th to 72nd place, can be attributed to minor changes in the field of credit regulations, related to the privatisations of smaller banks, but not to Komercijalna Banka, the impact of which will be assessed in the next issue of the Index of Economic Freedom, and to easier entry and short-term stays of foreigners in the country,” it is stated in the latest edition of the Index of Economic Freedoms.
It is added that Hong Kong and Singapore are again at the top of the Index, followed by New Zealand, Switzerland, Georgia, the USA, Ireland, Lithuania, Australia and Denmark. At the bottom are the Central African Republic, DR Congo, Syria, Republic of Congo, Iran, Zimbabwe, Algeria, Libya, Sudan and Venezuela, and North Korea and Cuba cannot be ranked due to lack of data.
According to economic research published in scientific journals, people living in economically freer states are said to have a higher standard of living, more political and civil liberties, and they live longer. The average per capita income in a quarter of the countries with the highest level of economic freedom was US$50,619 in 2019.