Economy
Posted: 1 week ago

Georgia Advanced to 8th Position in Economic Freedom of the World: 2020 Annual Report

Georgia’s score and position is improved in the Economic Freedom of the World: 2020 Annual Report and has been ranked at the 8th position in the top ten countries with 8,18 points. Georgia was at the 9th position in the 2019 Report.

“Georgia has always been in the top ten of the leading countries lately. This year we are ahead of many highly developed countries, including the United Kingdom, Germany, Canada, every country in the post-Soviet space, which, of course, is due to the reforms implemented by our Government,” – Natia Turnava said.

Economic Freedom of the World assesses countries in five main areas. Compared to the previous year, Georgia has improved its position in such indicators as the Legal System and Property Rights and the Sound Money. It should be noted that Georgia has the highest 10-points in such areas as: Top marginal tax rate, Regulatory costs of the sale of real property, Freedom to own foreign currency bank accounts, No Black-market exchange rates, Financial openness, Ownership of banks and Interest rate controls.

In the Economic Freedom of the World: 2020 Annual Report, Georgia is ahead of such countries as Ireland (9th position), Lithuania (10th position), Canada (12th position), Great Britain (13th position), Estonia (14th position), Armenia (17th position), Latvia (18th position), Japan (19th position), Germany (21st position), the Netherlands (24th position), Austria (26th position), Finland (29th position), Luxembourg (31st position), South Korea (36th position), Slovakia (38th position), France (58th position), Poland (77th position), Moldova (78th position), Russia (90th position), Turkey (99th position), Azerbaijan (112th position), Belarus (114th position), Ukraine (131st position), etc.

The Economic Freedom of the World was developed with the participation of the Canadian Frazer Institute and the World Economic Freedom Network member organizations. The rating measures the quality of the political course and institutions implemented in the country, which determines the economic freedom of the country. The data, which is processed annually, is based on data provided by a third party and an independent surveys in the 162 countries. Part of the data used in the ranking is based on the researches and evaluations of such authoritative international organizations as the International Monetary Fund, the World Bank, the World Economic Forum and others.