Out of 165 countries Serbia 72nd in the world according to economic freedoms
In 2021, according to the Index of Economic Freedoms, Serbia ranks 72nd out of 165 countries, higher than last year, reported the Fraser Institute, a Canadian think tank on public policy and a registered charity.
He said the little progress from the 74th to the 72nd could be attributed to small changes in credit regulation, linked to the privatization of small banks, but not to the Komercijalna Banka, the impact of which would be assessed in the next edition. of the Index of Economic Freedoms.
The index again put Hong Kong and Singapore in the lead, followed by New Zealand, Switzerland, Georgia, the United States, Ireland, Lithuania, Australia and Denmark .
At the bottom are Central African Republic, DR Congo, Syria, Republic of Congo, Iran, Zimbabwe, Algeria, Libya, Sudan and Venezuela, while data for North Korea and Cuba are not available.
The index shows Serbia at the rear of Europe when countries of the former USSR are excluded, and only Greece, North Macedonia and Bosnia and Herzegovina rank lower.
Serbia is poorly assessed in the rule of law, which is the cornerstone of the market economy, in particular the independence of the judiciary, the impartiality of judicial proceedings, respect for property rights and enforcement contracts due to slow and costly legal proceedings.
According to the Index, a significant problem is the unequal treatment of different economic actors before the law due to corruption or political pressure.
Even in areas where Serbia ranks relatively well, such as free trade, problems remain as the country is outside the World Trade Organization, as the only European country along with Bosnia and Herzegovina and Belarus.
The regulations on technical standards are not yet complete in accordance with European rules, and the customs administration uses outdated technical solutions.
The Index of Economic Freedoms suggests that Serbia should implement in-depth reforms, mainly in the areas of justice, public administration and business regulation.
(Novi Magazin, 09/14/2021)
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