The country made progress after six years of stagnation, but is still below its all-time-high ranking in 2010 when it placed 61st.

A release issued by Visio institut, the Slovenian partner in the survey, also emphasised though that Slovenia was the lowest ranked EU country.

The top ranked are again Hong Kong, Singapore and New Zealand. Slovenia shares the same place with Suriname.

The report ranks the countries on the basis of 42 indicators in five areas and is based on data from 2014.

Slovenia fared worst in the size of government (147th) and regulation (123rd), but did better in freedom to trade internationally (41st), access to sound money (85th) and legal system and property rights (49th).

Visio institut president Tanja Porčnik attributed Slovenia's progress in 2014 to several factors, including reduction of excessive regulation in international trade and an increase in the volume of lending to the private sector.

She also pointed to reduced opposition to the inflow of foreign capital and a decline in public spending as a result of the adoption of the omnibus fiscal austerity act.