Poland drops in Economic Freedom ranking

Poland has dropped six spots to 45 in the latest Economic Freedom Index compiled annually by the Heritage Foundation. In this year;s edition, Warsaw scored 68.3 points, one less than a year ago, posting better scores in the labor market section (increase of 3.5 points), fiscal health (0.6) and government spending (0.4), the scores for government integrity and property rights (5.5 and 4.2 declines respectively). According to the report, Poland's drop can be more attributed to other countries advancing further in the rankings rather than its own performance. “Fiscal consolidation and prudent management of public finance are ongoing concerns. The government needs to further reduce the budget deficit and curb the growth of public debt. In 2016, an additional tax on financial-services companies was imposed to help finance increased social spending. Continued reform, particularly in strengthening the independence of the judiciary and eradicating corruption, is needed to ensure greater economic dynamism,” the report said. Overall, out of 180 countries, once again Hong Kong, Singapore New Zealand, Switzerland and Australia were the leaders. In Europe, Poland placed 21.