Study on „Economic Freedom“: Austria Falls
In the global ranking of the U.S. “Heritage foundation”, Austria only occupies rank 28. The government would not introduce enough reforms, bureaucracy would be too high.
Although Austria is still one of those few countries holding an “AAA” rating, a study on economic freedom shows that Austria´s backlog became larger last year. In 2010, Austria occupied rank 21 and now fell to rank 28. According to the liberal U.S. think-tank “Heritage Foundation”, the Austrian economy suffers a high public budget deficit and a lack in economic reforms. As a result, competitiveness would decline. Besides that, bureaucracy is criticized massively. Non-tariff trade obstacles would be too high. At least, regarding the level of constitutional legality, the study attests a high level.
The study has been made by the U.S. “Heritage Foundation” and the Wall Street Journal. Four main categories are analyzed: “regulatory efficiency”, “market openness”, “governmental limitedness” and “constitutional legality”. In Europe, Switzerland, Ireland, Denmark, Luxembourg, the U.K., the Netherlands, Estonia, Finland, Cyprus, Sweden, Lithuania and Germany achieved higher results than Austria. The most liberal economies in the world are Hong Kong, Singapore and Australia. The USA occupies rank 10. Switzerland is still the most liberal European country (rank 4). The bottom of the league are Zimbabwe, Cuba and North Korea.