Bulgaria Ranks 45th in Forbes' Best Countries for Business Report

Bulgaria is ranked 45th by the the Best Countries for Business report of Forbes magazine.

Performing among the world's "top 10" (9th) in "Trade Freedom", the country is also doing well in Investor Protection (14th) and Monetary Freedom (15th) and moderately in Technology (38th) and Personal Freedom (41th).

However, property rights (67th), Market Performance (82nd), and Innovation (93th) are among the areas where most of Bulgaria's drawbacks are to be found.

The country's profile reads that "despite having a favorable investment regime, including low, flat corporate income taxes, significant challenges remain. Corruption in public administration, a weak judiciary, and the presence of organized crime continue to hamper the country's investment climate and economic prospects."

Bulgaria has been slowly moving up compared to previous rankings, with the 2012 list placing it 49th.

"Despite a sluggish economy, Europe dominates the top of FORBES’ annual ranking of the finest countries for capitalism," a summary leading up to the ranking reads, adding European countries make up two-thirds of the first 25 in the list (topped again by Denmark).

The United States "slides four spots to No. 22", scoring "poorly on monetary freedom and bureuacracy/red tape."

New Zealand, No 2, is followed by Norway, Ireland, and Sweden.