Georgia moves one step forward on the Economic Freedom of the World index
The Fraser Institute ranks countries based on five areas: size of government, legal structure and security of property rights, access to sound money, freedom to trade internationally, and regulation of credit, labour and business. Photo: Nino Alavidze/Agenda.ge.
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Georgia has moved one step forward on the rankings of countries based on the Economic Freedom of the World index published by the Fraser Institute.
The institute ranks countries based on five areas: size of government, legal structure and security of property rights, access to sound money, freedom to trade internationally, and regulation of credit, labour and business.
The report of 2019 compares 162 countries and territories.
According to the Economic Freedom of the World index for 2019, Georgia's situation improved by 0.6 points in 2017 compared to 2016, shifting Georgia from 13th to 12th position.
Improving the position of the country in the Economic Freedom of the World index is due to improvement of the size of government by 0.08 (from 7.5 to 7.58) points which was reflected in the decrease of public consumption, transfers and subsidies compared to 2016.
Also, Georgia has improved legal structure and security of property rights by 0.03 points (from 6.31 to 6.34) which was reflected by a more impartial court, increased protection of property rights and increased assessment of police credibility.
Criteria for freedom of international trade has improved by 0.18 points (from 8.56 to 8.74) in Georgia.
This was the result of increased tax revenue from public sector, less barriers in international trade and improved criteria in controls of the movement of capital and people.
Regulation of credit, labour and business has improved by 0.05 units (8.1 to 8.15) in Georgia.
This is the result of improved regulations of private sector loans, credit market regulations, employment and dismissal regulations, fulfilment of tax requirements and business regulations.
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 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’s economic freedom score is 75.9, making its economy the 16th freest in the 2019 Index of Economic Freedom by the Heritage Foundation.
The Global Finance magazine named Georgia among the countries with the most dynamic investment attractiveness on the basis of economic stability, indicators of management quality and business regulations, announces Georgian Ministry of Economy.
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.
Georgia has ranked 7th among 190 countries in the World Bank Doing Business 2020 ranking, preceding the states like the UK, Norway and Sweden. Last year Georgia ranked 6th on the list. Georgian Economy Minister Natia Turnava says that the 83.7 score is the “historic maximum” for Georgia.
The twelfth edition of the Democracy Index has ranked Georgia 89th among 167 independent states and two territories, with the score of 5.42 of total 10. With the score, which was 5.50 in 2018 ranking, Georgia remains in the category of ‘hybrid regimes.’ Of the neighbouring countries Armenia ranked 86th, Azerbaijan – 146th, Turkey – 110th and Russia – 134th.
Georgia has taken 8th place among 162 countries in the world in the economic freedom annual report published by the Fraser Institute.
Georgia takes eight place in the world in terms of the most economically free countries, behind only Hong Kong, Singapore, New Zealand, Switzerland, Australia, the United States, and Mauritius, says the latest edition of the Fraser Institute’s annual Economic Freedom of the World report for 2020.
Georgia’s economic freedom score is 77.2, making its economy the 12th freest in the 2021 Index of Economic Freedom by the Heritage Foundation. "Its overall score has increased by 0.1 point, primarily because of an improvement in the government spending score. Georgia is ranked 7th among 45 countries in the Europe region, and its overall score is above the regional and world averages", reads the index.
Georgia has taken 5th place among 165 countries in the world in the economic freedom annual report published by the Fraser Institute. The most recent comprehensive data available are from 2019. Hong Kong remains in the top position. Singapore comes in second. The next highest scoring nations are New Zealand, Switzerland, Georgia, United States, Ireland, Lithuania, Australia, and Denmark.