Georgia has been ranked 35th among 184 countries in the Economic Freedom Index of the Washington-based Heritage Foundation think-tank, with the country placed ahead of 11 European Union member states and all candidate countries aspiring for membership in the bloc.
With a total score of 68.7, Georgia was ranked 21st out of 44 countries in the Europe region, with its overall score well above the world and regional averages, the Foundation said in its Index, published earlier this week.
Responding to the results, Georgian Parliament Speaker Shalva Papuashvili on Thursday said the country continued to make “impressive strides in international comparison”, and stressed high scores in judicial effectiveness and the Government integrity had demonstrated the Georgian authorities` “commitment” to the rule of law.
Georgia continues to make impressive strides in international comparison, ranking 35th in @Heritage's 2023 Economic Freedom Index, ahead of 11 EU member countries & all candidate countries. Our high scores in judicial effectiveness & govt integrity show our commitment to the RoL. pic.twitter.com/lrK2LCTsRO— Shalva Papuashvili ???????? (@shpapuashvili) March 15, 2023
Published annually, the conservative think-tank’s Index covers 12 freedoms – from property rights to financial freedom – in 184 countries, grouped into four broad categories that include rule of law, Government size, regulatory efficiency and open markets.
In its 29th edition of the index, the Heritage Foundation said Georgia was considered a “moderately free” economy that performed “quite well in some key policy areas”.
Notable reforms to enhance regulatory efficiency have been implemented, and open-market policies are maintained along with low tax rates. The economy has demonstrated a high level of resilience. Persistent institutional weaknesses require much more committed reforms”, the Foundation said.
Singapore, Switzerland, Ireland, Taiwan and New Zealand have ranked in the top five in this year's ranking.