Analytics, EU – Baltic States, Lithuania, Markets and Companies, Rating

This is by one place higher than last year, and considerably higher than its nearest neighbours, Latvia and Poland, which scored 55th and 57th respectively. Estonia was still ranked higher – 13th, up three positions from the 2012 index

"This is a good indicator that helps to keep Lithuania among those countries that foreign investors will consider first, when they begin to look at specific market conditions", Milda Darguzaite, the managing director of Invest Lithuania, said when speaking about the choice of foreign investors regarding further development of their business.

The index claims that Lithuania's higher position is a result of successful efforts to control public finances. To achieve further positive results, Lithuania should speed up reforms in the areas of business and labour, monetary, fiscal and trade freedoms, and anti-corruption.

As reported, Hong Kong remains the world's most free economy, followed by Singapore, Australia, New Zealand and Switzerland, Canada, Chile, Mauritius, Denmark and the United States.

North Korea, Cuba, Zimbabwe, Venezuela and Eritrea are at the bottom of the index.

The index scores 177 world nations on various factors of economic freedom: business freedom, trade freedom, monetary freedom, freedom from government, fiscal freedom, property rights, investment freedom, financial freedom, freedom from corruption, labor freedom.

A score of 100 signifies an economic environment or set of policies that is most conducive to economic freedom. In the latest index, Hong Kong's rating is 89.3, Estonia is rated 75.3, Lithuania – 72.1, Latvia – 66.5. North Korea is rated at 1.5. The Estonian and Lithuanian economies are referred to as "mostly free", whereas the Latvian economy is "moderately free".