The World Bank hails Georgias meteoric five-year rise from 112-th in 2005 to 11-th in the 2010 World Bank & IFC “Doing Business” Index as unprecedented. “Since the World Bank began keeping records,” says survey author Simeon Djankov, “no other country has made so many deep reforms in so many different areas so consistently.” Since 2010 the reforms continue and current ranking in easiness of doing business is N 7 in the world for Georgia.
Consistent macroeconomic policies are producing strong economic growth, GDP Annual Growth Rate in Georgia averaged 5.33 percent from 2004 until 2019, reaching an all-time high of 13.90 percent in the third quarter of 2007. Georgia’s GDP expanded 4.5 percent year-on-year in the second quarter of 2019, easing from a 4.9 percent advance in the previous period.
Georgia has Deep and Comprehensive Free Trade Area (DCFTA) with EU Since June 27, 2014. Produced in Georgia enter EU market without customs duty; Georgia has signed Free Trade Agreements with China, Turkey, Russian Federation, Armenia, Azerbaijan, Kazakhstan, Moldova, Turkmenistan, Ukraine, Uzbekistan; Free Trade Agreements with EFTA member countries. Generalized System of Preferences (GSP) with Canada, USA and Japan;. Moreover, since 2000 Georgia is a member of World Trade Organization.
The Government of Georgia is working hard to sustain future development of the Economy of Georgia. New Financial and Economic acts have been adopted by the Parliament, which obviously will help to maintain strong economic growth in Georgia.
Georgia has been rated as the world`s one of the best countries for doing business on the basis of its business infrastructure, financial, legal and professional services, and its low and simple tax system. The WB s report on Doing Business 2019 can easily prove Georgia as one of the best destination for investors.
Georgia`s new Labor Code, hailed as one of the world’s best in international rankings, reduces labor costs and gives greater freedom of contract to employers and employees. Simultaneously, Georgia offers the world’s most literate workforce, and very competitive prevailing wage rates.
According to 2019 Index of Economic Freedom, Georgia’s Economic Freedom Status is “Mostly Free” and ranks number 16 among 186 countries, 8th among 44 European countries and number 1 among regional countries.