Ukraine moved 13 positions up in the Index of Economic Freedom and now ranks 134th.
“Ukraine’s economic freedom score is 54.9, making its economy the 134th freest in the 2020 Index,” reads the report on the website of The Heritage Foundation research and educational institution.
As noted, Ukraine’s overall score has increased by 2.6 points due to higher scores for judicial effectiveness, government integrity, and trade freedom.
According to experts, the adoption of the law on the sale of agricultural land would increase annual GDP of Ukraine by about 1.5 percentage points.
Singapore, Hong Kong, New Zealand, Australia, Switzerland and Ireland top the ranking.
The economic freedom is measured based on 12 quantitative and qualitative factors, grouped into four pillars of economic freedom: rule of law (property rights, government integrity, judicial effectiveness); government size (government spending, tax burden, fiscal health); regulatory efficiency (business freedom, labor freedom, monetary freedom); open markets (trade freedom, investment freedom, financial freedom).
In 2019, Ukraine ranked 147th in the Index of Economic Freedom.