According to the Economic Freedom Index annually published by Heritage Foundation and The Wall Street Journal the Czech Republic improved in its ranking of economic freedom from 26th place to current 24th place. This leap upward was possible thanks to better restriction of corruption, protection of ownership rights and freedom of trade. On the other hand the Czech Republic fared slightly worse in governmental expenditures and in business freedom. Its 24th place is the best ranking in the index 20years history. It is also 13th within the region of Europe. The Czech Republic is along with countries such as Germany, United Kingdom or Sweden categorized in the second highest category labeled as “Mostly Free.” Slovakia on the other hand with its 50th place belongs only to “Moderately Free” category along with Botswana, Belgium or Poland. As for the Economic Freedom Index itself there are in total 178 counties with Hongkong being the first country and North Korea being the last divided into 5 categories. There are also 8 countries that are not part of the ranking: Afghanistan, Iraq, Kosovo, Libya, Liechtenstein, Somalia, Sudan and Syria.

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