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Index of Economic Freedom in Georgia Worsened

January 16, 2012

Georgia fell back with 4 points in the ranking published by the Heritage Foundation “2012 Index of Economic Freedom” prepared together with the Wall Street Journal and has ranked 34th place this year.

In 2011 Georgia ranked the 29th place in the rating. In 2010 it was on the 26th place. With its 34th ranking in 2012 the overall points of Georgia was 69, 4 points. Last year it received 70, 4 points like in 2010. But in 2011 the country’s position in the field of economic freedom had somehow worsened.

In 2011, according to the Heritage Foundation ranking, situation worsened in Georgia in the fields of business freedom, financial freedom, governmental spending and labor freedom. In this rating Georgia has the worst index in the field of property rights and freedom from corruption. In regard with freedom from corruption, in 2012 Georgia has improved its position in comparison with 2011.

The research of the Heritage Foundation relies on ten criteria: business freedom, trade freedom, financial freedom, governmental spending, monetary freedom, property rights, freedom from corruption, labor freedom.

According to the Heritage Foundation, the countries, who gain 80 and more points when the criteria are calculated, receive status of Free Economics. The countries with 70-79,9 points receive status of “mostly free”; in case of received 60-69,9 points, the country is “moderately free”; if the country receives less than 60 points, the economy of the country is “mostly not free.” Those with lower than 50 points have status of closed economy.

In the rating of Free Economy, Georgia fell back to the “moderately free” category.

Since 1995, The Wall Street Journal and leading policy research center in America, “Heritage Foundation” have been publishing the index. The world ranking of a particular country in this research is urgently important for the attraction of investments in the country.

Netgazeti

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