Macedonia ranks 78th in the 2009 Index of Economic Freedom Index, published jointly by Heritage Foundation and the Wall Street Journal.
Macedonia's score is down seven points from the previous year's index.
The index reflects data of 10 categories, including business freedom, trade freedom and labor freedom, with marks ranging from 0 to 100.
A score of 80 to 100 means the economy is free and a score of less than 50 means the economy is repressed.
Macedonia's score is 61.2, up 0.2 from a year ago.
The index shows that the top 10 economic entities considered to be the freest economies are: Hong Kong, Singapore, Australia, Ireland, New Zealand, the United States, Canada, Denmark, Switzerland and the United Kingdom.
Among the countries in the region, Bulgaria's ranking stands at 56, Albania's at 62, Slovenia's at 68, Greece's at 81, Montenegro's at 94, Serbia's at 109, Croatia's at 116 and Bosnia-Herzegovina's at 134.
Macedonia received good ratings in the sectors of fiscal freedom (89.4), monetary freedom (85.4) and trade freedom (81.6).
The report says Macedonia scored worse in property rights (30) and freedom from corruption (33). The country is seen as moderately free as regards investment freedom (50), business freedom (58.2), labor freedom (59.8), finance freedom (60) and government spending (65.2)