“Georgia’s economic freedom score is 77.2, making its economy the 12th freest in the 2021 Index,” reads the recent report by the Heritage Foundation.
Based on the report, the country’s 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.
“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,” reads the document.
Regarding the impact of COVID-19, the Heritage Foundation noted that as of December 1, 2020, 1,303 deaths had been attributed to the pandemic in Georgia, and the economy was forecast to contract by 5.0% for the year.
Notably, based on the last year’s report by the same organization, Georgia’s economic freedom score was 77.1, and the country was ranked 6th among 45 countries in the Europe region.
The Heritage Foundation is a research and educational institution whose mission is to formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, and a strong national defense.
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).
By Ana Dumbadze
See the full country report here