Georgia among 10 top-rated countries in Economic Freedom Report

Georgia is now one of the top 10 most economically free countries in the world, according to a new report by the Fraser Institute.

In the annual Economic Freedom of the World report Georgia was ranked eighth among the 159 countries and has the status of "mostly free” country.

Hong Kong and Singapore occupy the top two positions. The other nations in the top 10 are New Zealand, Switzerland, Ireland, the United Kingdom, Mauritius, Georgia, Australia, and Estonia.

These ratings are for 2015, the most recent year for which comprehensive data are available.

The annual Economic Freedom of the World report compared the level of economic freedom in 159 countries and territories based on size of government, taxation, rule of law, property rights, regulation, and other factors.

Georgia significantly improved its positions in three indicators:

• Size of government – improved with four positions
• Freedom of international trade – improved with two positions
• Regulations – improved with two positions

The report showed the 10 lowest-rated countries are: Iran, Chad, Myanmar, Syria, Libya, Argentina, Algeria, the Republic of the Congo, the Central African Republic, and, lastly, Venezuela.