Cato Institute Rates Georgia Well on Economic Freedom

The report “Economic Freedom in the World” rates Georgia 66th out of 127 surveyed countries. The report is copublished by the Cato Institute, the Fraser Institute in Canada and more than 50 think tanks around the world.

The report ranks nations for 2003, the latest year for which the data was available. Georgia is ahead of the rated CIS countries with a cumulative score of 6.4 out of 10. However, Georgia’s regional neighbors – Armenia and Azerbaijan were not rated. Georgia shares the 66th rank with Guyana and India.

Georgia scored the highest on size of government, access to sound money and freedom to exchange to foreigners. The scores are dismal on legal structure and security of property rights (2.6) and rather low (4.9) on regulation of credit, labor and business.  

Economic Freedom of the World measures the degree to which the policies and institutions of countries are supportive of economic freedom. The cornerstones of economic freedom are personal choice, voluntary exchange, freedom to compete, and security of privately owned property.

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