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Bucharest
May 20, 2022
BUSINESS

Romania climbed three positions in the world ranking of economic freedom

Romania’s economic freedom score is 65.1, making its economy the 59th freest in the 2013 Index of Economic Freedom made by Heritage Foundation in partnership with The Wall Street Journal. Its score is 0.7 point better this year, with improvements in the management of government spending and labor freedom outweighing a modest decline in freedom from corruption. Romania is ranked 28th out of 43 countries in the Europe region, and its overall score is higher than the world average.The global financial and economic turmoil forced the Romanian economy to endure sharp structural adjustments. “Despite the challenging political environment, Romania has undertaken needed reform measures that include spending constraints and labor market reforms. Recovering from the severe shock of the crisis, it continues to place a high priority on restoring fiscal sustainability and strives to enhance overall economic competitiveness”, the 2013 Index shows.Romania’s ongoing transition to a more resilient market-oriented economy has also been facilitated by its adherence to maintaining openness to global commerce and the efficiency of business regulations that promote entrepreneurial dynamism. Nonetheless, perceived corruption, exacerbated by a relatively inefficient judicial system, undermines the foundations of economic freedom and undercuts the prospects for dynamic long-term economic expansion.Romania is situated in front of countries like Bulgaria – rank 60, France – rank 62, Portugal – rank 67, Turkey  rank – 69 and Serbia – rank 94, but is overtaken by countries like Poland – rank 57 and Albania – rank 58 . The Index covers 10 freedoms – from property rights to entrepreneurship – in 185 countries.

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