Georgia's economic freedom index improves

Georgia's economic freedom index improves

Georgia's free economy rating has improved. According to the 2021 survey of the Heritage Foundation "Index of Economic Freedom", Georgia, with a score of 77.2, ranks 12th worldwide and 7th among 45 countries in the European region with the free economy. Compared to the 2020 index, in the current reporting year, Georgia has improved its data in 5 components of the rating: Judicial efficiency (59.3 points), tax burden (89.1 points), government spending (76.9 points), fiscal freedom (94.9 points) and freedom of labor (76.7 points). Georgia is ahead of countries such as the Netherlands, Finland, Luxembourg, Sweden, Austria, the Czech Republic, Norway, Germany, Latvia, Lithuania, Belgium, Spain, Hungary, Portugal, Slovenia, France, Italy, Croatia, Poland, etc. in terms of economic freedom in Europe. Georgia was able to leave behind the United States in terms of financial freedom, which ranks 20th globally.

Mamuka Mdinaradze, the chairperson of the Georgian Dream faction, praised this result at a briefing in the Parliament and said it resulted from the correct economic policy of the Georgian government. Mdinaradze stressed that according to the indicators published by the Foundation, business in Georgia is free, and the investment environment is attractive.

"Georgia is making progress in almost all aspects of economic freedom, which is related to the government's successful steps and reforms, such as the fight against corruption, the efficiency and impartiality of the judiciary, tax simplification, free trade agreements, etc. Today, the economy is on the path to a gradual recovery. The government is focused on maintaining the balance between managing the epidemiological situation, taking care of the citizens' health, and stimulating business," Mdinaradze stated.

The Index of Economic Freedom is mainly based on international ranking sources such as the World Bank Doing Business, the Global Competitiveness Index (GCI), the Corruption Perceptions Index (CPI), and the World Justice Project Rule of Law Index (WJP).

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