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The Index of Economic Freedom (EF), created by the Heritage Foundation, provides a wide understanding of a country’s situation by aggregating a range of indicators under the following four broad pillars:

• Rule of law (property rights, government integrity, and judicial effectiveness);
• Government size (government spending, tax burden, and fiscal health);
• Regulatory efficiency (business, labor, and monetary freedom);
• Open markets (trade, investment, and financial freedom).

Throughout the period of 2019-2024, Georgia’s EF rating has undergone an average annual decrease of 2%, declining from 75.9 to 68.4. Despite that decline, Georgia still sits above Moldova and Ukraine, albeit it remains below the highest (82.6) and average (69.5) ratings for EU member states.

As of 2024, Georgia is performing better than 12 EU member states on the EF front. In particular, Greece (55.1), Hungary (61.2), and Italy (60.1) have EF ratings notably below that of Georgia. Meanwhile, the best EF ratings within the EU currently belong to Ireland (82.6) and Luxembourg (79.2).