Georgia’s economic freedom score is 77.1, making its economy the 12th freest in the 2020 Index of Economic Freedom by the Heritage Foundation.
Georgia’s overall score has increased by 1.2 points with improvements on all indicators related to the rule of law. Georgia is ranked 6th among 45 countries in the Europe region, and its overall score is well above the regional and world averages.
The Georgian economy continues its spectacular, seven-year run up the ranks of the mostly free. GDP has also been expanding at a healthy rate for the past five years. Multi-year reforms to reduce corruption, cut regulation, and simplify taxes have led to upward movement in all aspects of economic freedom”, read the report.
A snapshot of Georgia’s economic freedom in 2020: Property rights - 68.6; Government integrity - 64.8; Judicial effectiveness - 57.9; Business freedom - 85.3; Labour freedom - 76.3; Monetary freedom - 78.3; Government spending - 73.6; Tax burden - 87.1; Fiscal health - 94.4; Trade freedom - 88.6; Investment freedom – 80; Financial freedom – 70.
The report says that a top-10 ranking will require even more intensive efforts to improve perceptions of government integrity and judicial effectiveness.
A good first step to avoid controversies over judicial appointments would be legislative action to protect the independence of the judiciary”, read the report.
The Heritage Foundation is a research and educational institution whose mission is to formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom and a strong national defence.
The survey divided nations into five major categories: free (80-100), mostly free (70- 79.9), moderately free (60-69.9), mostly unfree (50-59.9) and repressed (0-49.9).
See all the news
Carrefour: The product will be on the shelves with the prices same as before
Differences between tobacco and nicotine products
Silknet signed Memorandum of Understanding with Global Communications Company One Web
Reuters: Dutch city tells floating Georgian monastery to cast off
The NBG hiked further as the GEL stays undervalued
World Bank expects slowdown of Georgia's economic growth in Q4 of 2019
Georgia-Estonia Business Forum is Held Today
Nestle Sees $250 Million Boost for Starbucks Products
BM.GE: Giorgi Gakharia has selected a new business ombudsman
Tourist Number Hits a Record within 10Months and Exceeds 8 MLN Despite Putin’s Flight Ban
Galt & Taggart does not rule out slowdown of economic growth to 4% in 2020
Mamuka Khazaradze: finally, I also found out what we were accused of
Salmonella detected in frozen chicken meat imported from Ukraine
Talakvadze about Tskaltubo Development Project: special rules won’t apply to Ivanishvili
m2: we do not have any plans for Center Point at this stage
Georgia Capital to open 6 new hotels in Georgia under the new brand Amber Group
The CEO of m2 Group is changed - Shota Berekashvili replaces Irakli Burdiladze
The 30 Top Emerging Travel Destinations for 2020
"We hold rather comfortable shares on the market " – Does TBC Bank want to Buy Cartu?
Interview with Ahmed Bin Sulayem - Executive Chairman and CEO of DMCC