Georgia’s sound economic management and good business environment will continue to support economic activity, but further reforms will be required to keep GDP growth between 4-4.5 percent, according to the World Bank’s Country Economic Memorandum (CEM) for Georgia. The report, titled “Charting Georgia’s Future: Competitive, Connected and Capable”, was launched today at an event hosted jointly by the Word Bank and the Government of Georgia.
The report depicts Georgia’s significant development gains over the last decade and seeks to inform government policies and help facilitate similar successes over the next 10 years.
Specifically, the CEM features the story of a small, open and resilient economy that has made considerable progress in GDP growth and poverty reduction, yet with more limited success in improving productivity and creating well-paying jobs.
The Country Economic Memorandum recommends that Georgia could maximize its growth potential by i) facilitating the ongoing structural and spatial transformations; ii) improving productivity performance at the sector- and firm- level; iii) increasing connectivity and external trade; and iv) building up and better utilizing human resources.
More in our interview with Sebastian Molineus, World Bank’s Regional Director for South Caucasus.
