17.Mar .2020 17:59

2020 Index of Economic Freedom: Georgia 12th in world and 6th in Europe

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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).