Georgia’s economic freedom score is 77.2, making its economy the 12th freest in the 2021 Index of Economic Freedom, according to the Heritage Foundation, an American conservative think tank.
“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 report.
The index also reads that the Georgian economy suffered only a small setback this year in its long progression to the upper ranks of the mostly free category.
“Multi-year reforms to reduce corruption, cut regulation, and simplify taxes have led to upward movement in all aspects of economic freedom. Achieving a top-10 ranking, however, will require even more intensive efforts to improve perceptions of government integrity and judicial effectiveness,” says the report.
A snapshot of Georgia’s economic freedom in 2021: Property rights – 66.9, Government integrity – 64.6, Judicial effectiveness – 59.3, Business freedom – 84.9, Labour freedom – 76.7, Monetary freedom – 76.7, Government spending – 76.9, Tax burden – 89.1, Fiscal health – 94.9, Trade freedom – 86, Investment freedom – 80, Financial freedom – 70.
The Heritage Foundation is a research and educational institution whose mission it is to formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom and a strong national defence.
The survey divided nations into five major categories: free (80-100), mostly free (70- 79.9), moderately free (60-69.9), mostly unfree (50-59.9) and repressed (0-49.9).