Declining economic freedom in Georgia

Georgian economic freedom

The American international think tank Heritage Foundation has published the international rating of economic freedom for 2023, in which Georgia ranks 35th. The economic freedom index of the country was 68.7. Last year, Georgia was in 26th place.

Countries are evaluated according to twelve criteria, divided into four groups:

1. Rule of law;
2. Limited state power;
3. Effectiveness of regulation;
4. Freedom of the market.

Georgia’s performance declined in eight of twelve criteria, remained unchanged in two, and improved in two. The review states that Georgia is a country with a “moderately open” economy.

Singapore ranks first, Switzerland second, and Ireland third. In the last places are North Korea, Venezuela and Cuba.

• Most Russian companies registered in Georgia after February
• “If they close the border, there will be only one way left – war.” Stories of refugees from Russia
• Georgia’s economic dependence on Russia is growing

Despite the fact that Georgia has dropped nine positions in the rating, Parliament Speaker Shalva Papuashvili claims the country is still in a leading position globally.

Papuashvili says that Georgia was unfairly denied the status of EU candidate:

“Georgia ranks 35th in the 2023 Economic Freedom Index, ahead of 11 European Union member states and all candidate countries. According to the study, in terms of the effectiveness of justice Georgia scores higher than the world average. This study, as well as the final assessments of Georgia, Ukraine and Moldova published by the European Commission in January, once again show how unfair it was to deny Georgia the status of candidate.”