Georgia is steadily improving its standing in doing business ratings, show the latest research from the European Chamber (EuCham).
The EuCham, which ranks European countries based on their business environment ranked Georgia 20th amongst 46 countries after it moved up four places by gaining 68.6 in the scores.
An economy’s EuCham score is reflected by a scale of 0 to 100, where 0 represents the lowest performance and 100 represents the best. Denmark tops the ranking with a score of 87, followed by Sweden, Finland, Norway and the United Kingdom.
Ukraine got the lowest scores (46.5) in the ranking, showed the report.
Georgia took 20th place after Spain, Italy, Czech Republic and other 23 countries.
As for Georgia’s neighbouring countries, their standing worsened this year, the report showed.
More specifically, Armenia got 53.3 scores (54.6 scores last year) while Azerbaijan was rated at 49 scores (48.4 last year) and Turkey with 54 scores (55.6 last year).
Russia came in at 44th place with 51.1 scores while its result was 42th place in 2016 and 50 scores.
The EuCham score, used for the ranking, originates from the average of the World Bank’s Distance To Frontier score (DTF) and Transparency International’s Corruption Perception Index (CPI).
The DTF score by the World Bank (from Doing Business report) measures the distance of each country’s economy to the frontier, mirroring the best performance on each indicator across all economies.
The CPI from Transparency International was used to determine how corrupt each country’s public sector is.