Bulgaria ranks 47th in the world in terms of economic freedom, showed a ranking of the American Heritage Foundation.
According to the ranking, Bulgaria ranks right behind Kosovo (46th) and ahead of Cyprus (48th).
The transition of our country to a more open and flexible economic system has been facilitated by the restructuring carried out, showed the index of economic freedom.
The competitive flat tax and the system of open trade, supported by a relatively effective regulatory frame, encourage the development of the growing private sector.
According to the analysis on Bulgaria, the management of public finances is also at a satisfactory level, while the levels of public debt continue to be among the lowest in the region and the budget deficit continues to decrease.
In spite of this, Heritage has made several criticisms with respect to insufficient institutional reforms which are especially necessary in spheres like judicial effectiveness and government integrity.