Article published on: 2007-02-14

Bulgaria's economy is 62.2 percent free, according to the 2007 assessment on the distribution of global economic freedom, prepared by Heritage Foundation and The Wall Street Journal.

Figures show the country's economy is the world's 62nd freest. Its overall score is 2.1 percentage points lower than last year, partially reflecting new methodological detail. Bulgaria is ranked 29th freest among the 41 countries in the European region, and its overall score is near the regional average.

Bulgaria scored highly in fiscal freedom and received positive marks in business, monetary and financial freedom. An impressively low corporate tax rate of 15 % complements a top income tax rate of 24%. Licensing, opening, and closing a business are all relatively efficient, providing a highly flexible commercial environment.

Bulgaria still needs to develop a more independent judicial system, the report stated Property rights and corruption are problems, and the inefficient bureaucracy bleeds over into other areas of economic freedom as well. Judicial corruption is an impediment to greater foreign investment, and property rights and business regulations are enforced in an arbitrary manner. 

Source: www.novinite.com and www.sofianewsagency.com