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Rating: Efficient and Transparent Governance

Positive Evaluation of efficiency and transparency of Georgian Government by the international ranking institutions is of outmost importance, which is evidenced in improved positions of Georgia in global rankings. Georgia’s position in Transparency of Government Policy Making indicator has been improved by 5 positions in last 4 years and in 2016 was on the 31st position. This indicator is evaluated by the Global Competitiveness Index

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Economic Effects in Geogria

Georgian Economic Performance Index (G-EPI) is a combined indicator that examines the overall performance of a country’s economy, and reports deviations from the desired level of economic performance. The desired level of selected macro variables are defined based on the benchmarks given in the Social-Economic Strategy 2020 of the Georgian Government. G-EPI is comprised of 5 important macro indicators visible below the graph. It is designed for simplicity, making it easier for professionals and laypeople alike to understand and apply to the economy.

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International Rankings of Georgia

Georgia has achieved significant success in the world in terms of the Ease of Doing Business, which is positively reflected in different ratings. This is an additional evidence that there is the lack of bureaucratic pressure together with the business-friendly environment in the country. Georgia’s ranking in 2017: 16th place among 190 countries. Overall distance to frontier (DTF) – 80.20 score (improvement by 2.48 points). Investment Freedom is the part of Open Market and Business Freedom is the part of Regulatory Efficiency. Georgia also has high scores in Fiscal Health (93.5 score in 2017), Trade freedom (88.6 score and on 9th position in the world in 2017) and Tax Burden (87.3 score).

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DCFTA: Export Help Desk

The EU and Georgia signed an Association Agreement on 27 June 2014. It has entered into force since 1 July 2016. The agreement introduces a preferential trade regime – the Deep and Comprehensive Free Trade Area (DCFTA). This regime increases market access between the EU and Georgia based on having better-matched regulations. Export …

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Rating: Worldwide Governance Indicators

Governance consists of the traditions and institutions by which authority in a country is exercised. This includes the process by which governments are selected, monitored and replaced; the capacity of the government to effectively formulate and implement sound policies; and the respect of citizens and the state for the institutions that govern economic and social interactions among them. The Worldwide Governance Indicators (WGI) project reports aggregate individual governance indicators for over 200 countries and territories over the period 1996-2015, for six dimensions of governance.

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Georgia – Disaster Risk Profile

Georgia's population and economy are exposed to earthquakes and floods, with earthquakes posing the greater risk of a high impact low probability event. Just over half of Georgia's population lives in urban environments. The model results for risk shown in this risk profile are based on population and gross domestic product (GDP) estimates for 2015. This report covers the details of earthquakes and floods in top affected provinces of Georgia. When an earthquake has a 10-year return period, it means the probability of occurrence of an earthquake of that magnitude or greater is 10 percent per year.

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Insurance Market: January-June, 2017

There were 16 licensed insurance companies working in Georgia by the end of the 2nd quarter of 2017. In total, they attracted insurance bonuses in amount of 247,382,801 GEL in 18 different types of insurance (including  58% of the full bonus on the first three ones). According to insurance types, medical insurance has 50% of the market share (81% of the attracted bonus was on the three leading types of insurance). In the first two quarters of 2017, insurance companies reimbursed 116,297,224 GEL.

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Business Register: By Regions

Based on the data of September 1, 2017, there are 664,057 registered business entities in Georgia, out of which only 173,629 are active. The economic unit is active if it meets one of the following criterias: Turnover > 0 (VAT, income and other declarations), Number of Employees > 0 (VAT, income and other declarations), Salary or number of employees> 0 (Salary announcements), Has a profit or loss (profit declaration), Pays any tax except for property taxes, The table below shows the business entity destribution in Georgia by regions.

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Georgia – Reforms to Development

During last two decades, Georgia has undergone though a remarkable period of economic transformation led by major institutional and structural reforms. The reforms succeeded in building smart and low regulations, business friendly tax system, private sector driven and corruptionfree country. With the achieved success Government of Georgia initiated new economic program – “Four Point Reform Plan”. The Plan embarks on four strategic directions: 1. Education Reform - supporting skills development through education reform targeted at bridging the gap between skills demand and supply.

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Current Economic Trends

Economic growth of Georgia in 2016 was 2.7 percent, in which the main contributor (3.5%) was investment. Growth was positively affected by the consumption, but its contribution was 1.1%. Real consumption was increased by only 1.2 percent compared to the last year, due to increased costs of debt service given high dollarization level in the country. Net export influenced to the economic growth negatively (-0.9%), that can be explained by external demand shock. Economy has started recovery from 2017.

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