In addition to its many failures in leading the country, the government of Robert Golob will also be remembered for the marked reduction in economic freedom. According to data collected by the Heritage Foundation, an American non-governmental organisation, we currently rank 44th on the Index of Economic Freedom.
“We are continuing to sink lower and lower in the economic freedom rankings. How much further, or when will we reach the bottom? Do we have a plan to reverse this downward trend?” wondered former Ambassador to the USA, Tone Kajzer.
We currently rank 44th, worse than Croatia (39th) and the Czech Republic (24th). Singapore is in first place, and North Korea is in last place, 176th.
Last year, Slovenia was a few places higher, in 37th place, and the year before in 32nd place. This is the result of a socialist government and its policies.
It is also true that economic freedom in 2024 is at its lowest point in the last 23 years globally. The USA’s economic freedom also continues to decline, as the country ranked 25th this year (you can read more about that here: https://www.heritage.org/press/2024-index-economic-freedom-world-economic-freedom-reaches-23-year-low-us-economic-freedom).
The data collected annually by the Heritage Foundation cover the following areas: business, trade, government and politics. A score of 100 means that a country is the freest in economic terms.
What does the Economic Freedom Index tell us?
The graph published by the Heritage Foundation shows how economic freedom has changed in Slovenia, year by year. In countries closer to a score of 100, governments are more likely to encourage entrepreneurship (favourable taxes) and innovation.
Lower index score associated with erosion of democratic freedoms
A higher index score results in, among other things, greater financial prosperity. Life expectancy is, on average, longer; people are healthier and better educated, and care more for the natural environment. Greater economic freedom therefore has a positive impact on other areas of society.
Evidence shows that more economically free societies are more prosperous. In addition to social progress, they also have higher GDP per capita and more democratic governments. The Index also shows whether people in each country are free to choose the lifestyle they really want.
Domen Mezeg
