Forbes: Georgia moves up 8 positions in Best Countries for Business rating
Georgia improved its rating by eight positions compared to the previous ranking. Photo: N. Alavidze/Agenda.ge.
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Georgia has improved its rating in Forbes magazine’s ‘Best Countries for Business 2019’ ranking, where Georgia ranks 44th among 161 countries.
Georgia improved its rating by eight positions and is ahead of countries such as Qatar, Thailand, China, Croatia, Bulgaria, Mexico, Turkey, Uruguay, South Africa, Brazil and India.
In the ranking, Russia (55th place), Turkey (57th place), Kazakhstan (65th place), Azerbaijan (70th place), Ukraine (77th place) and Armenia (81st place) lag far behind Georgia.
Georgia’s ranking is as following:
- Trade freedom – 4th in the world’s 161 countries
- Monetary freedom – 70th place
- Innovation – 83rd place
- Technology – 45th place
- Investor protection – 2nd place
- Corruption – 43rd place
- Personal freedom – 66th place
- Tax burden – 16th place
Georgia’s reputation as a business friendly country is growing after becoming the 6th best country in the world in terms of economic development and easy of doing business.
Georgia takes 7th place among 82 countries in the index of Economic Freedom of the World, published by the Fraser Institute. The most recent data available for calculating the index in the 2018 edition of Economic Freedom of the World is from 2016. The index measures the degree to which the policies and institutions of countries are supportive of economic freedom.
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 16th place among 186 countries after it gained 76.2 points. This year Georgia gained 0.2 more points than in 2017 and was ranked 9th among 44 European countries, and its overall score is above regional and world averages.
Georgia is steadily improving its international reputation by making governmental and financial dealings of the country more transparent. Results of the Open Budget Survey 2017 (OBS) released today by the International Budget Partnership ranked Georgia 5th in the world out of 82 scores, based on an analysis of 115 nations’ budget transparency, participation and oversight.
Georgia’s economic freedom score is 75.9, making its economy the 16th freest in the 2019 Index of Economic Freedom by the Heritage Foundation.
Georgia has improved its position and now takes 16th place in the latest Best European Countries for Business 2019 report, published by the European Chamber (EuCham), a non-profit international organisation headquartered in Italy.
Georgia has risen in the rankings of the World Happiness Report published by the United Nations. This year Georgia came in 119th place in the World Happiness Report, while last year Georgia ranked 128th among the world’s happiest countries.
Georgia has ranked higher in the most recent survey by the World Bank - Worldwide Governance Indicators (WGI) in terms of anti-corruption activities, government effectiveness and regulatory quality. Tsulukiani stated that in the ranking for regulatory quality, which estimates the reforms carried out by the government for the development of the private sector, Georgia received 83.17 per cent of 100 per cent.
American magazine Forbes has included a number of Georgian wines on a list of the best wines to look out for in 2020.