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"Slovenia's score reflects the bad economic structure, which includes inefficient corporate management, bad state governance which is too involved in the economy, the loss of competitiveness, excess indebtedness of companies and higher public debt," he told the press yesterday.

The scoreboard is divided into four main categories. Slovenia lost one spot in economic performance to place 52nd, and three spots in government efficiency to come in 56th on the 60-strong list. It retained 58th spot in business efficiency and gained one to 32nd in infrastructure.

The fall in government efficiency was mainly caused by Slovenia's ranking in public finance, where it lost 13 spots to land in last place.

According to Sonja Uršič of the Institute for Economic Research, a large increase in the budget deficit and public debt caused the fall, which "was in most part responsible for the overall placing of Slovenia on the scoreboard.

In sub-categories Slovenia placed well above its overall position in price competitiveness (10th), international trade (17th), health and environment (29th) and education (29th).

Among EU countries that placed behind Slovenia overall were Bulgaria, Greece and Croatia. The US retained first place, followed by Switzerland, Sweden, Singapore and Hong Kong.

The IMD scoreboard is based on statistical data for last year combined with surveys among business executives.