Slovenia is in the company of countries such as Russia (48), Jordan (49), South Africa (50) and Columbia (52).

It has the fourth lowest rating among EU countries; only Bulgaria, Romania and Greece are lower.

The chart is topped by Hong Kong, the United States and Singapore. Sweden is the highest-ranked EU country in fourth place.

The IMD scoreboard is created based on 329 criteria and the results calculated from statistics for last year combined with surveys among businessmen.

The IMD notes that the results reflect growing scepticism about globalisation and the necessity of economic reforms.

Slovenia ranked very low on two criteria: awareness of the need for reform (55th) and the attitude to globalisation (57th).