"There are five European countries whose economic freedom status has changed notably in the 2013 Index. Georgia, Norway, and the Czech Republic have become “mostly free” economies. Georgia achieved the largest score improvement in the 2013 Index", - outlines the research paper.
"Georgia’s economic freedom score is 72.2, making its economy the 21st freest in the 2013 Index. Its overall score is 2.8 points higher than last year, with improvements in six of the 10 economic freedoms including management of public finance, investment freedom, and property rights. Georgia is ranked 11th out of 43 countries in the Europe region, and its score is the most improved in the 2013 Index.
In a challenging global and regional environment, the Georgian economy has demonstrated a high level of resilience. After some backsliding last year, Georgia regained the status of “mostly free” in the 2013 Index. Persistent efforts to eliminate corruption and restore fiscal stability have borne fruit. Access to legal documents has been facilitated, and fiscal consolidation has generated narrowing budget deficits and lower public debt.
Despite this progress, however, momentum for comprehensive reforms to limit government spending and restrict the growth of economic regulations has flagged. Deeper institutional reforms to enhance judicial independence and effectiveness also remain critical", - reads 2013 Index of Economic Freedom.
For over a decade, The Wall Street Journal and The Heritage Foundation have tracked the development of economic freedom around the world with its Index of Economic Freedom. The Index covers 10 freedoms – from property rights to entrepreneurship – in 185 countries.
© HTN (Hvino Tour News)