Lithuania dramatically advances in ranking of countries with free economy

Lithuania has advanced to 42nd place in 2000 from 61st in 1999, the biggest jump worldwide in the global survey, conducted by the heritage Foundation, a US economic analysis group, and The Wall Street Journal. With regard to the index of economic freedom, Lithuania now shares the same position as Hungary, Kuwait and Panama, well ahead of Latvia and other Eastern and Central European countries. Economic freedom is evaluated by considering about 50 different economic factors, including fiscal and monetary policies, freedom of capital movement, the level of foreign investment and the extent of state regulation of the economy. An ambitious programme to promote private business and lower government spending policies became key factors in allowing the country to advance, The Wall Street Journal noted. The new liberal-oriented government has vowed to keep fighting bureaucracy and to lower taxes, aiming to further encourage economic growth and foreign investment.