Montenegro best ranked country in region on list of global index of economic openness

On this year’s list of Global Index of Economic Openness, regularly published by the UK-based Legatum lnstitute, Montenegro is the best ranked country in the region.

According to the analysis, Montenegro is ranked 48th, thus moving up four places compared to 2018, when it was ranked 52nd. Individually, according to the categories analysed, Montenegro is ranked 49th in the area of ​​infrastructure and access to the market. According to the investment climate it is ranked 50th, business conditions 51st, and the rule of law 52nd.

When it comes to the region, Croatia is ranked 49th, North Macedonia 59th, Serbia 65th, Bosnia and Herzegovina 93rd, while data for Kosovo are not covered by this report.

According to the findings of the report, Montenegro has continuously improved the openness of its economy for ten years, and is ranked 2nd in terms of the success of a ten-year change in comparison with other countries covered by the report. Montenegro was ranked 59th in 2009 and since then it has been continuously recording growth on this list.

Taking into account the specific indicators that belong to different pillars, on the basis of which the openness of the economy is analysed, Montenegro is ranked 1st in terms of liberalisation of foreign trade, the existence of a consensus on democracy and market economy as key goals of the society, and the fact that work skills do not represent limitations for business.

Worldwide, Hong Kong is ranked 1st in terms of openness, Singapore and the Netherlands are at the second and third position, while the United Kingdom is ranked 7th and the United States is ranked 9th.

The aim of this research is not only to present the benefits that create economic competitiveness and openness, but to define and measure the level of economic openness in a way that will be useful to political leaders for the implementation of adequate policies that will improve economic stability and prosperity.