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The ranking is based on two indicators; the adjustment progress indicator measuring the speed with which countries are reforming, while the fundamental health indicator looks at the overall economic strength of companies.

Slovenia ranks ninth according to both parameters; it remained level in the adjustment progress ranking and it improved by three places in the fundamental health ranking.

The study describes Slovenia as a small economy that is catching-up with above-average scores for fundamental health. It points out that the country "narrowly avoided EU/IMF bail-out in mid-2013."

Moreover, fiscal and banking problems should be manageable if political will is maintained.

There were several key developments in Slovenia's economy in 2014, including a big jump in reform drive, which is however still below average.

There was also a big improvement in competitiveness due to "new service sector trade indicator", but deterioration was recorded in fiscal sustainability and resilience.