Georgia ranked 22nd in world in Economic Freedom survey

Georgia is improving its place in the world in terms of economic freedom in the latest survey by the Heritage Foundation.

The Index of Economic Freedom survey ranked Georgia in 22nd place among 178 countries after it gained 73 points. 

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.

This year Georgia gained 0.4 more points than in 2014 and was ranked 11th among 43 European countries. 

The survey stated Georgia had shown a vast improvement in freedom from corruption, monetary freedom and the management of government spending, which now outweighed a notable decline in labour freedom.

With a 2.6 point score increase over the past five years, Georgia has registered improvements in five of the economic freedoms areas, including freedom from corruption, the control of government spending, business freedom, monetary freedom, and investment freedom. By achieving its highest score ever in the 2015 Index, Georgia has advanced further into the category of "mostly free.”

A decade of solid increases in economic freedom has contributed to the dynamic expansion of Georgia’s economy, stated the report. Sound public finances and policies that support open markets have boosted prosperity and reinforced Georgia’s commitment to economic freedom. However, not all of the pillars of economic freedom are fully entrenched. The rule of law remains weak, and the perceived level of corruption, though improving, is higher than average for a European country.

Hong Kong placed number one on the 2015 list. Among 178 countries Russia came in at 143rd place.