Cape Verde is the Portuguese-speaking Country with the highest level of economic freedom, according to the Index of Economic Freedom 2016. It is published by the Heritage Foundation in partnership with The Wall Street Journal newspaper.

Cape Verde’s economy went up three places in the index and ranked 57th in a list of 178 countries and territories analysed in the accompanying report. It was placed in the category of “moderately free” economies.

Portugal maintained its 64th position in the ranking thanks to “structural reforms”, Portuguese news agency Lusa reported this week.

São Tomé and Príncipe improved its situation – comparing to the 2015 ranking –, going up 16 places to 120th, the media outlet added. But the country is still in the group of “mostly unfree” nations.

Brazil fell four positions in the ranking to 122nd, while Mozambique fell 14 places to 139th position, comparing to last year. Guinea-Bissau remained in 145th place, said the report, as quoted by Lusa.

Angola’s level of economic freedom improved year-on-year – up by two places to 156th –, but the African nation is in the category of “repressed” economies, as is East Timor, which remained in the 167th position.

Macao was the lusophone territory with the highest level of economic freedom – 37th place. The territory, which was placed in the “mostly free” category, fell three places from the previous year, according to Lusa.

The Index of Economic Freedom is published every year. It covers 10 freedoms, from property rights to entrepreneurship, according to the Heritage Foundation.