Ukraine tops Heritage Foundation's European ranking of economic unfreedom
According to the ranking compiled annually by the American Heritage Foundation, Ukraine ranked 166th out of 180 countries in terms of economic freedom.
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The rating is compiled based on four groups of criteria: compliance with laws, level of openness, government participation and efficiency of economic regulation.
As the compilers of the rating note, Ukraine ranks last among 43 countries in the European region, its overall score is lower than the world average. Ukraine scored 48,1 points, which is 1,3 points higher than last year (last year Ukraine ranked 155th – ed.). At the same time, the average score in the region is 68, and in the world – 60,9.
“The Ukrainian economy remains “repressed.” The rule of law is particularly weak. The investment regime remains closed, and foreign investment continues to compete with large state-owned enterprises. A tough labor market and bureaucratic business rules hinder the development of a dynamic private sector,” the authors of the rating said.
In addition to Ukraine, the list of countries with “repressive economies” includes 22 more countries.
Among the achievements of Ukraine over the year, the authors note trade freedom and tax policy, and among the points of concern: the rule of law, government spending, investment freedom.
Let us note that the fund compiling the rating takes an ultra-liberal position and defends an unrestricted open market as the ideal of economic development.
Ukraine tops Heritage Foundation's European Economic Freedom Index