Macedonia has climbed 22 places in the worlds ranking up to 56th among 184 countries worldwide, with the greatest progress in economic freedom, according to the latest report of the Heritage Foundation and the Wall Street Journal.
Reforms in labor market flexibility and regulation of investment enabled Macedonia's economy to achieve one of the highest score improvements in the 2010 Index. The country has also demonstrated high levels of trade, fiscal and monetary freedom. Personal and corporate income taxes have been very competitive and the tax administration has been strengthened. Thus, the lowest flat corporate and personal income tax makes Macedonia an interesting tax place in Europe, the flat tax introduced by the Government being just 10%. Monetary stability has also been reasonably well maintained. Macedonia has established that it is generally open to global trade and the financial sector has weathered the global financial crisis relatively well.
Three multilateral and eight bilateral free-trade agreements give Macedonia duty free access to more than 650 million consumers from the EU member-states, the EFTA (European Fair Trade Association) and CEFTA (Central European Free Trade Agreement) countries, as well as Turkey and the Ukraine.