TIRANA, Sept. 20 – Albania climbed six steps to rank 42nd among 159 countries in economic freedom, outperforming regional EU aspirants, according to a report published by Fraser Institute, one of Canada’s top think tanks.
Albania ranked pretty well in access to sound money, freedom to trade internationally and the size of government, but continued lagging behind in the legal structure and security of property rights and regulation of credit, labor and business.
Based on 2014 data, the 2016 Economic Freedom of the World annual report measured the degree to which the policies and institutions of 159 countries worldwide are supportive of economic freedom.
Albania’s 2016 ranking was revised to 48th from 62nd in the 2015 report, making it the country’s second best rating after a previous report based on the 2010 data when Albania was applying a 10 percent flat tax regime, compared to a current 15 percent rate on corporate income, dividends and rents.
EU aspirants Montenegro, Macedonia, Bosnia and Herzegovina and Serbia ranked between 59th to 101st in the 2016 Economic Freedom report.
“Studies have found that countries with institutions and policies more consistent with economic freedom have higher investment rates, more rapid economic growth, higher income levels, and a more rapid reduction in poverty rates,” says the report.
Albania climbed four places to 93rd in the latest 2015-2016 Global Competitiveness report published by the World Economic Forum, leaving behind only Serbia and Bosnia and Herzegovina among regional competitors.
