Published 2023-07-01
“…Factors facilitating to the accelerated economic growth of Georgia:
•
A reform-oriented government providing sustainable and dynamic development of the economy – 41,7%
• Geopolitical location of Georgia – 38,3%
• The recognition of the European perspective of Georgia by the European Union and the real perspective of Georgia joining the European Union – 36,7%
• Free trade agreements with the world's largest markets (EU, China, etc.) – 33,3%
• Liberal market economy (low level of corruption, little bureaucracy and procedural simplicity, little tax burden) – 31,7%
• Georgia's rich and diverse nature,
history, culture and gastronomy – 26,7%
• Skilled and relatively cheap labor force – 23,3%
• State programs for the development of entrepreneurship: "Make in Georgia", GITA grants, "Introduce the future", etc. – 18,3%
• Rich natural resources – 16,7%
•
A well-developed banking system – 11,7%
• Increasing harmonization of Georgian legislation with international legislation – 8,3%
Factors Hindering to the accelerated economic growth of Georgia:
• Underdeveloped democracy, constant question marks to the judicial system, political instability, little experience of statehood, state institutions not free from unhealthy political influence – 55%
• Regional economic inequality, disproportionate distribution of investments and public funds to Tbilisi and the rest of Georgia – 41,7%
• Low level of higher and professional education, insufficient qualified workforce – 41,7%
• Lack of capital needed to implement innovative entrepreneurial ideas, low level of development of the real (production) sector of the economy and high deficit in foreign trade – 41,7%
•
Russia's occupation of Georgian territories, the threat of potential war and the unstable South Caucasus region. – 38,3%
• High level of emigration – 20%
• Underdeveloped stock market and non-convertible national currency – 18,3%
• Monocentric state, high dependence of territorial-administrative units on state budget transfers – 10%
• Mass destruction and hyperinflation of the economic powers inherited from the
Soviet Union in the first years of independence – 6,7%
• Inadequately developed transport logistics infrastructure (delayed Anaklia port project, poorly developed road infrastructure, single-lane railway lines) – 6,7%
• Scarcity of natural resources and high import dependence on energy resources – 5%
In response to the third question, which was about the time Georgia will need to reach the average European level of economic development in 2022, taking into account the listed factors. …”
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