Czech Economy among the Freest
20.01.2014 / 07:23
The Czech Republic makes great strides on the Index of Economic Freedom, reaching the 26th position in the World.
The Czech Republic’s economic freedom score for 2014 is 72.2, which is its best score ever, catapulting the Czech Republic’s economy into the 26th freest in the world.
The Index of Economic Freedom was introduced in 1995 by the Heritage Foundation and The Wall Street Journal. Based on ten criteria such as the time and financial costs to start and run a business, tariff and non-tariff barriers to trade, price stability, absence of price controls, inflation, fiscal freedom, property rights, investment freedom and level of corruption it measures the degree of economic freedom in 178 counties.
This year’s score of the Czech Republic had significant improvements in half of the 10 economic freedoms, including investment freedom, business freedom and freedom from corruption.
The score confirms the Czech Republic’s impressive transition to a market economy as observed over the past twenty-five years, ranking it among the “mostly free” economies of the world which generally score above 70.