Georgia ranks 35th in Heritage Foundation 2023 Economic Freedom Index

Georgia has ranked 35th among 184 in the recently published 2023 Economic Freedom Index by the US-based Heritage foundation, marking a 3.1 point decline compared to the data of the previous year. 

The Foundation put Georgia’s economic freedom score at 68.7 and said the country had ranked 21st out of 44 countries in the Europe region, and its overall score “is well above the world and regional averages”. 

“Georgia is considered a moderately free economy and performs quite well in some key policy areas. Notable reforms to enhance regulatory efficiency have been implemented, and open-market policies are maintained along with low tax rates. The economy has demonstrated a high level of resilience. Persistent institutional weaknesses require much more committed reforms”, said the survey. 

Georgian parliament speaker Shalva Papuashvili called the results “impressive” and highlighted they demonstrated the Georgian government’s commitment to the rule of law.