On November 17th, the London-based organization Legatum Institute introduced the Legatum Prosperity Index 2020 report. The annual report, which presents the prosperity index of 167 countries, including Georgia, assesses political, social, economical, and environmental fields in the country.
Georgia ranks 53rd on the Legatum Prosperity Index 2020
By Khatia Bzhalava
Thursday, November 19
Georgia ranks 53rd on the Prosperity Index 2020 and according to the report, Georgia has made significant progress over the past decade as the country has moved up the ranking by 11 places compared to 2009. The progress is particularly noticeable in the areas of safety and security.
Georgian Ambassador to the United Kingdom Sophie Katsrava attended the online presentation of the report as a special guest. According to the ambassador, today, Georgia is recognized worldwide as a successful example of a country committed to a liberal economy and free trade as well as a stable and safe country, “which is a precondition for progress and development.” Katsrava noted that Georgia is the only country in the region with a free trade regime simultaneously with the EU and China and added that a free trade agreement with Britain will enter into force in January 2021.
According to the Prosperity Index 2020, Georgia is one of the most compelling recent examples of progress in addressing challenges. The report reads that the levels of extreme poverty in Georgia have declined by almost three-quarters, life expectancy has increased by approximately six percent, and real per capita income has almost tripled.
“This transformation is the consequence of consistent and careful management of the country’s economy, which has enabled it to reap the rewards of average annual GDP growth of almost five percent since 2010, and seen it rank amongst the ten most improved nations across the Index’s Open Economies domain over the past decade.”
According to the report, Georgia’s progress is encouraging and should be seen as an example for addressing many challenges in terms of creating open, resilient, and competitive economies. It is also mentioned that Georgia stands in sixth place worldwide( above both the United Kingdom and the United States) in the latest Doing Business report of the World Bank.
“Such success highlights how nations can successfully create the pathways from poverty to prosperity, by creating an economy that is well-managed and resilient to shocks,” read the report.
Ranking of Georgia according to the Prosperity Index 2020:
Safety and security - 73rd
Personal freedom - 61st
Governance - 51st
Social capital -111th
Investment environment - 41st
Enterprise conditions - 53rd
Market access and infrastructure - 56th
Economic quality - 82nd
Living conditions - 89th
Health - 82nd
Education - 55th
Natural environment - 115th