TIRANA (Albania), June 9 (SeeNews) -Albania has slightly slightly increased its overall economic freedom score in the global economic freedom chart prepared by The Heritage Foundation but has fallenfallen five spots to 57thposition in the index rankings,reflecting relatively better performanceby other countries, theU.S.-based think-tank said.

The country's overall score roseby 0.4points to66.9,mostly due toan improvement in the fiscal health, according to the 2020 Index of Economic Freedom report published by The Heritage Foundation.

Albania's government has improved its control of the budget deficit and has stabilised public debt, thus creating a more business-friendly environment. However, the country must improve its scoresfor property rights, judicial effectivenessand government integrity to improve its chances for eventual accession to the EU, The Heritage Foundation noted.

Albania is ranked 30th among 45 countries in the Europe region, and its overall score is below the regional average and above the world average. The country's score matches its highest so far, which was recorded in 2014.The economy is considered moderately free and continues to register a healthy economic growth, The Heritage Foundation said.

Protection of property rights remains weakand corruption remains a problem in real estate registration procedures and public administration. The judiciary is independent but subject to political pressure, intimidationand limited resources.

In terms of regulatory efficiency, despite some improvements, the enforcement of contracts remains problematic and unemployment is still high, as skilled labour continues to migrate outside of the country.

The Heritage Foundation also pointed to limits on foreign ownership, although progress has been made to modernise the investment regime.

The financial system remains relatively stable. The banking sector is well provisioned, but the share of nonperforming loans has been rising, the think-tank said.

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Albania needs to strengthen protection of property rights, judicial effectiveness - Heritage Foundation - SeeNews