Economic Freedom: Albania is ranked 26th in the world — We climb the rankings, but we go down in scores 

According to the data published by the “Fraser Institute,” Albania ranks 26th among 165 countries in the “Index of Economic Freedom”. This ranking places us not only at the top of the countries in the region, but we also lead some of the most developed states in Europe. This index measures the comprehensiveness of the sustainability of a country’s institutions and economic policies. According to the report, economic freedom is a concept based on self-ownership.

In compliance with index data, the degree of economic freedom is measured in five broad areas: government spending and tax rates; the legal system and property rights; the stability of the local currency; freedom for international trade and credit regulation; and work and business. The report states that the data in this edition refers to the year 2020. Even though Albania is ranked 26th and compared to 2019 it has climbed 5 positions, the data shows that our country has deteriorated in scoring. To be precise, in 2019 we had 7.79 points, compared to 7.64 points in 2020.

If we analyze the five areas on which this index is built, we see that Albania has the best position in terms of currency stability, ranking fourth, but compared to 2019, we have fallen by two positions in this area. We maintain another positive position in terms of freedom for international trade, ranking 14th. As for government spending, Albania ranks 27th among 165 countries in total. We have a very positive ranking in the areas of the legal system and property rights, where we are positioned in the 78th place. Meanwhile, as for the regulator of credit, work, and business, we rank in the 75th place.

At a regional level, the country that follows Albania is Montenegro, which is ranked 40th with 7.46 points. At the end of our region, we find Bosnia and Herzegovina positioned in 89th place. China leads this index with 8.59 points, followed by Singapore and Switzerland. In the last place, we find countries such as Venezuela and Sudan.

Translated by: Xhenisa Xhangoli/ SCAN

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