Economic Freedom

Economic Freedom

According to the 2019 Index of Economic Freedom, Georgia ranks 16th

With the index of Economic freedom, Georgia has 75.9 points. The Index covers 12 freedoms – from property rights to financial freedom – in 186 countries.
According to the data, Georgia is ahead of countries such as Luxembourg, Sweden, Finland, Lithuania, and others.

Economic Freedom

Georgia’s overall score has decreased by 0.3 point, with a sharp drop in judicial effectiveness and lower scores on government integrity and monetary freedom exceeding a big gain in financial freedom.
“Since the 2003 “Rose Revolution,” reforms by successive administrations have reduced petty corruption, cut regulation, simplified taxes, opened markets, and developed transport and energy infrastructure.
The government hopes that further reductions in regulation, taxes, and corruption will attract foreign investment and stimulate growth. Its maintenance of monetary stability and overall sound fiscal health has fostered macroeconomic resilience. Nonetheless, deeper and more rapid institutional reforms to enhance judicial independence and effectiveness are still needed to ensure dynamic and lasting economic development.”

The index of economic freedom is measured based on 12 quantitative and qualitative factors, grouped into four broad categories or pillars of economic freedom:

  • Rule of Law (property rights, government integrity, judicial effectiveness)
  • Government Size (government spending, tax burden, fiscal health)
  • Regulatory Efficiency (business freedom, labor freedom, monetary freedom)
  • Open Markets (trade freedom, investment freedom, financial freedom).

Georgia’s indexes in each of the categories.

Rule of Law Government Size Regulatory Efficiency Open Markets
Property Rights 65.9
Government Integrity 58.5
Judicial Effectiveness 54.6
Government Spending 73.6
Tax Burden 87.1
Fiscal Health 93.9
Business Freedom  85.8
Labor Freedom 76.6
Monetary Freedom  76.0
Trade Freedom  88.6
Investment Freedom  80.0
Financial Freedom 70.0

Each of the twelve economic freedoms within these categories graded on a scale of 0 to 100. A country’s overall score is derived by averaging these twelve economic freedoms, with equal weight being given to each.

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