Georgia’s economic freedom score is 77.2, making its economy the 12th freest in the 2021 Index of Economic Freedom, according to the Heritage Foundation, an American conservative think tank.
Georgia’s Economic Freedom
“Its overall score has increased by 0.1 points, 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,” reads the report.
The index also reads that the Georgian economy suffered only a small setback this year in its long progression to the upper ranks of the freest 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,” says the report.
A snapshot of Georgia’s economic freedom in 2021: Property rights – 66.9, Government integrity – 64.6, Judicial effectiveness – 59.3, Business freedom – 84.9, Labour freedom – 76.7, Monetary freedom – 76.7, Government spending – 76.9, Tax burden – 89.1, Fiscal health – 94.9, Trade freedom – 86, Investment freedom – 80, Financial freedom – 70.
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).
On the other hand, demand for investment in Georgia is growing due to the possibility of Georgia joining the European Union. Investing is one of the best ways to immigrate to Georgia. now Georgia hosts investors from many countries in India, Azerbaijan, Iran, and Arab countries such as Bahrain, Qatar, UAE, and Saudi Arabia. New investment tariffs for 2021 have also been announced by the government.
Please check out our website at Avageorgia.ge to get more information about business opportunities in Georgia.