Bulgaria Falls Out of Top 50 in Global Economic Freedom Rankings

Bulgaria has fallen out of the top 50 countries worldwide in terms of economic freedom, according to the latest survey published by Canada's Fraser Institute. For the third consecutive year, Hong Kong, Singapore, and Switzerland occupy the top three positions in the Economic Freedom of the World 2024 ranking, while Bulgaria's performance has declined, indicating a setback in the nation's economic freedom. This trend is echoed in the recently released report by the Forum for Economic Freedom (FII), titled "Economic Freedom in Bulgaria: Overview and Recommendations for Growth," which examines the country's economic performance over the past three decades and identifies reasons for its decline relative to successful examples in Central and Eastern Europe.

In this year's report, Bulgaria received a score of 7.16 out of a maximum of 10, placing it 52nd globally. The country continues to struggle most significantly in the legal system and rule of law category, lagging behind all other Central and Eastern European nations. Post-pandemic, Bulgaria has also seen a reduction in government size and business regulations. Furthermore, the report indicates a notable decline in monetary stability, primarily attributed to high inflation rates in 2022 and 2023. These factors combined have resulted in Bulgaria's drop in economic freedom, as it no longer ranks in the top 40 in any of the five leading categories of the survey.

The FII's report highlights that, over the past 25 years, Bulgaria has made strides in economic freedom, enjoying nearly continuous growth and significant improvements in convergence indicators with major European economies. However, the decline in economic freedom in the years following the pandemic presents a serious challenge to future...