Lithuania dropped four notches to rank 12th out of 165 countries and territories in the Fraser Institute’s latest Economic Freedom of the World index.
In the latest report, based on 2020 data, Lithuania scored 7.82 out of a possible 10 points, 1.1 points lower than a year ago.
According to the Canadian think tank, Lithuania’s overall score was dragged down by the government’s increased influence on economic processes. Based on this criterion, Lithuania is ranked alongside developing countries such as Brazil, Botswana and Zambia.
Lithuania scored the highest for Sound Money (9.2 out of 10) and the lowest for Size of Government (6.6). Its scores in other major areas are 7.24 for Legal System and Property Rights, 7.72 for Regulation and 8.33 for Freedom to Trade Internationally.
The Lithuanian Free Market Institute (LLRI), which helped the Fraser Institute to conduct the research, said that Lithuania took its biggest step backwards in the size of government area, dropping to number 87, from the 39th place before the pandemic. (BNN/Business World Magazine)
