Georgia ranks 8th in the world economic freedom
By Nika Gamtsemlidze
Monday, September 14
The Economic Freedom of the World index measures the degree to which the policies and institutions of countries are supportive of economic freedom. These include personal choice, voluntary exchange, freedom to enter markets and compete, and security of the personal choice.
In total, there are 162 jurisdictions that the index reviews. Among the 162 countries, Georgia was put in the 8th place, which is considered as “most free.” The economic freedom annual report is published by the Fraser Institute.
There are five broad areas of economic freedom that this ranking reviews, including the size of government, legal system and property rights, sound money, freedom to trade internationally, and regulatory frameworks. Georgia was in the 9th place in the 2019 report.
The minister of Economy of Georgia commented on this matter and noted that in recent years, Georgia has always been among the leading countries. "This year, we are ahead of many highly developed countries, which includes the United Kingdom, Germany, Canada, and many others. All of the post-soviet countries, and many others," said Turnava.
World Economic Freedom was developed with the participation of the Canadian Fraser Institute and member organizations of the World Economic Freedom Network. 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 survey of 162 countries. Part of the data used in the ranking is based on research and evaluations of such authoritative international organizations as the International Monetary Fund, the World Bank, the World Economic Forum, and others.
The Fraser Institute is a Canadian public policy think tank and registered charity. It has been described as politically conservative and libertarian. The mission of the institute is to improve the quality of life in Canada and around the world.
The company is headquartered in Vancouver, Canada, and has regional offices all over the country. It produces research into government actions, healthcare, education, economic freedom, energy, and others.
