Georgia ranks 27th in new economic freedom rating

Georgia Materials 26 September 2011 17:46

Georgia, Tbilisi, Sept.26 / Trend, N.Kirtskhalia /

Georgia fell several spots on the economic freedom index to 27th place, the Heritage Foundation reported.

According to international experts, it was due to increase in state expenditures and issue of money.

Hong Kong ranks first with score 9.01, Singapore ranks second with score 8.68, New Zealand (8.20). Top ten also includes Switzerland (8.03), Australia (7.98), Canada (7.81), Chile (7.77), Britain (7.71), Mauritius (7.67) and the U.S. (7.60 score). Germany ranks 21st, France - 42nd, Armenia - 43rd, Russia - 81st.

Research on economic freedom in the world is studying the level of support to economic freedom by policy and institutions of the countries. Country is economically free as much as its people and their property are protected from violence; their personal choice is ensured, voluntary exchange of goods is voluntary, domestic market is open, internal and external trade is free, economic environment is competitive, powers of government are well-defined, political institution is stable and able to function.