Georgia’s improved economic freedom recognised in Fraser Institute report

Georgia has improved its place in the world in terms of economic freedom in the latest survey by the Fraser Institute.

The Economic Freedom of the World 2015 Annual Report ranked Georgia in 11th place among 157 countries after it gained 7.83 points.

Each annual report analysed and released its findings based on a global survey of two years prior. For example the 2015 report analysed data from 2013 while last year’s report covered the 2012 year.

The Fraser Institute is a Canadian public policy think tank and registered charity which compared the level of economic freedom in 157 countries and territories based on size of government, taxation, rule of laws, property right, regulation and other factors based on the data collected in 2013.

The latest report, which was published last week, rated Georgia among the best 20 countries that enjoyed free economies. In the report Georgia ranked higher than the United States, Finland, Denmark, Norway, Germany and many other European nations.

Meanwhile in last year’s report, Georgia ranked 16th while the 2013 report ranked the country in 25th place.

The 2015 report ranked Hong Kong as the world’s most economically free authority followed by Singapore, New Zealand, Switzerland, United Arab Emirates, Mauritius, Jordan, Ireland, Canada, with the United Kingdom and Chile tied for 10th.

Georgia earned the highest score for freedom of trade internationally.

Below are a breakdown of Georgia’s scores:
• Size of government – 7.7 rating, 30th in global rankings;
• Legal system and property rights – 5.8 rating, 42nd in global rankings;
• Sound money - 8.9 rating, 61st in global rankings;
• Freedom of trade internationally - 8.4 rating, 6th in global rankings;
• Regulation - 7.9 rating, 26th in global rankings;
• Credit market regulations - 9.8 rating, 15th in global rankings;
• Labour market regulations - 6.5 rating, 82nd in global rankings; and
• Business regulations – 7.5 rating, 13th in global rankings.

Since 2013 Georgia implemented several new regulations to improve the country’s labour market, which should be reflected in next year’s report.

Armenia is Georgia’s only neighbour country which earned a ranking in the top 20. The country placed 18th in the report.

Meanwhile, in a survey by the Heritage Foundation, a research and educational institution, Georgia ranked 22nd in the world among 178 countries in terms of economic freedom. (Agenda.ge)