According to The Heritage Foundation, Cyprus’ economic freedom score is 70.1, which is 37th in the ranking of economically free countries for 2020.
Its overall score increased by 2.0 points, primarily due to improved government integrity, the Washington, DC-based conservative think tank said.
Cyprus is ranked 20th out of 45 countries in the European region, and its overall score is roughly equal to the regional average and well above the global average.
Cyprus has rejoined the Free Countries category for the first time since 2012. The acceleration in GDP growth in 2018 is consistent with improved economic freedom.
In the past few years, Cyprus has undergone many important reforms, such as: a new bankruptcy system, a reformed banking supervision and regulation system, as well as reforms aimed at improving the efficiency and liquidity of banks, and there are already first steps to fix the broken title transfer mechanism.
However, according to the report, more reforms are needed to improve the speed and efficiency of the judicial system.