Spain is ranked 57th in the new global classification of the economic freedom index, prepared annually by The Heritage Foundation and disseminated in our country by the FAES Foundation and the Smart Regulation Forum. In the new edition of the report, whose data correspond to 2018, Spain obtains a final score of 65.7 points out of 100, which represents a slight improvement of 0.6 points with respect to the publication of 2017.
But nevertheless, our country ranks between Indonesia and Slovenia in the world rankingl, and is also overcome by countries such as Bahrain, Kosovo, Romania or Botswana. In the context of the European Union, Spain ranks 20 out of 28 countries and its total score is below the regional average. The ranking is led by countries Hong Kong, Singapore, New Zealand, Switzerland, Australia and Ireland, in that order.[[Check here the full list]
The index of economic freedom, driven by the Nobel Prize in Economics Milton Friedman, analyzes with objective data the degree of openness or interventionism of the world economies and illustrates the benefits of living in more free societies. The document analyzes the evolution of 180 countries based on twelve measures grouped into four sections: rule of law, size of the government, regulatory effectiveness and market opening.
The report referring to last year values positively the improvement of the fiscal environment in Spain, but warns of "excessive indebtedness of the public sector", which acts as a «brake on growth». The study praises the labor reform of 2012, although it highlights that since then no improvements have been introduced. Further, warning about the rise in the minimum wage agreed for 2019 and underlines the importance of improving the regulatory environment, which continues to hamper business activity, according to the authors of the study.
On the other hand, the report laments "the slowness of judicial instructions" in Spain and points out that the rule of law is hampered by the lack of effectiveness and speed in solving corruption problems. In relation to the new Executive, he warns about the "controversial and costly program of reforms".