Georgia Sustaining Rapid Economic Growth : Country Economic Memorandum

Sustaining rapid economic growth for reduced poverty and shared prosperity over the next decade and beyond in Georgia is an important goal and a key challenge for the authorities. While the record of growth over the last decade has been strong, the...

Full description

Bibliographic Details
Main Author:	World Bank
Format:	Country Economic Memorandum
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ABSOLUTE POVERTY ACCOUNTING FRAMEWORK AGGREGATE DEMAND AGGREGATE INCOME AGRICULTURE ANNUAL GROWTH AVAILABILITY OF CREDIT AVERAGE LEVEL BANK ENTRY BANK LOANS BANK SPREADS BANKING SECTOR BENCHMARK BORROWING COSTS BUSINESS DEVELOPMENT BUSINESS ENVIRONMENT CAPITA INCOMES CAPITAL ACCUMULATION CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CAPITAL MARKETS CAPITAL MARKETS DEVELOPMENT CAPITAL STOCK COLLECTIVE INVESTMENT COMMERCIAL BANK COMMERCIAL BANK LOANS COMMODITY COMPARATOR COUNTRIES COMPETITIVENESS CONSUMER DURABLE CONSUMPTION GROWTH CONSUMPTION LEVELS CORPORATE PROFITS CORPORATE SAVING CORPORATE SAVINGS COUNTRY VARIATION CREDIT AVAILABILITY CREDIT CARD CREDIT CARD DEBT CREDIT CARDS CURRENCY CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DATA AVAILABILITY DEBT DEBTS DEMOGRAPHIC DEPOSIT DEPOSIT RATES DESCRIPTIVE STATISTICS DIVIDEND DIVIDENDS DOMESTIC CREDIT DOMESTIC CREDIT GROWTH DOMESTIC FINANCIAL MARKETS DOMESTIC MARKET DOMESTIC SAVINGS DURABLES ECONOMIC AGENTS ECONOMIC CRISIS ECONOMIC DOWNTURN ECONOMIC GROWTH EMERGING ECONOMIES EMERGING MARKETS ENTERPRISE PERFORMANCE EQUIPMENT EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT MARKETS EXPORT SECTORS EXPORT SHARE EXPORTS EXTERNAL DEBT EXTERNAL FINANCING EXTERNAL IMBALANCES EXTREME POVERTY FACTORS OF PRODUCTION FINANCIAL CONSTRAINTS FINANCIAL CRISIS FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FIRM GROWTH FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL POLICIES FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FREE TRADE FREE TRADE AGREEMENT FUTURE GROWTH GDP GDP PER CAPITA GINI COEFFICIENT GLOBAL ECONOMY GROSS DOMESTIC PRODUCT GROSS NATIONAL SAVINGS GROWTH ACCOUNTING GROWTH IMPACT GROWTH INVESTMENT GROWTH MODEL GROWTH PATH GROWTH PROSPECTS GROWTH RATE GROWTH RATES HOLDING HOUSEHOLD INCOME HOUSEHOLD SAVING HOUSEHOLD SAVING RATE HOUSEHOLD SAVING RATES HOUSEHOLD SAVINGS HOUSEHOLD SURVEYS HUMAN CAPITAL INCOME INCOME GROWTH INCOME LEVEL INCOME LEVELS INCOMES INDUSTRIAL COUNTRIES INFLATIONARY EXPECTATIONS INSTRUMENT INTERNATIONAL DEVELOPMENT INTERNATIONAL MARKETS INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVESTMENT INSTRUMENTS INVESTMENT RATE INVESTMENT RATES JOB CREATION LABOR FORCE LABOR FORCE GROWTH LABOR MARKET LABOR SUPPLY LIQUIDITY LIVING STANDARDS LOAN LOCAL CURRENCY LONG RUN LONG TERM SAVING LONG TERM SAVINGS MACROECONOMIC STABILITY MARKET ACCESS MARKET DEVELOPMENTS MARKET EFFICIENCY MARKET REFORMS MARKET SHARES MARKET STABILITY MEDIUM TERM MIDDLE INCOME COUNTRIES MONETARY FUND MORTGAGE LOANS MORTGAGES NATIONAL ACCOUNTS NATIONAL BANK NATIONAL SAVING NATURAL RESOURCES NET EXPORTS NON-PERFORMING LOANS NPL OPEN ECONOMY OUTPUT OUTPUT RATIO OUTPUTS OVERVALUATION PENSION PENSION FUNDS PENSION REFORM POLICY AREAS POLICY MAKERS POVERTY LINE POVERTY REDUCTION PRIVATE DEBT PRIVATE SAVING PRIVATE SAVINGS PRIVATIZATION PRO-POOR PRODUCTION FUNCTION PRODUCTIVITY GROWTH PUBLIC DEBT PUBLIC FINANCES PUBLIC INVESTMENTS PUBLIC SAVING PUBLIC SAVINGS PUBLIC-PRIVATE PARTNERSHIPS RAPID ECONOMIC GROWTH RAPID GROWTH RATE OF INVESTMENT REAL ESTATE REAL EXCHANGE RATE REAL GDP REDUCED FORM EQUATION REDUCED POVERTY REDUCING POVERTY REGIME CHANGE RESERVES RESIDENTIAL MORTGAGE RETIREMENT SAVING RETIREMENT SAVINGS RETURNS RICH COUNTRIES RURAL AREAS SAVINGS SECTOR REFORMS SECTORAL COMPOSITION SOCIAL PROTECTION SUSTAINABLE GROWTH TARIFF BARRIERS TAX TAX RATES TAX REVENUES TFP TOTAL CONSUMPTION TOTAL FACTOR PRODUCTIVITY TOTAL FACTOR PRODUCTIVITY GROWTH TRADABLE SECTORS TRANSITION ECONOMIES UNEMPLOYMENT UNEMPLOYMENT RATE VALUE ADDED
Online Access:	http://documents.worldbank.org/curated/en/2013/07/18064040/georgia-rising-sustaining-rapid-economic-growth-country-economic-memorandum http://hdl.handle.net/10986/15983

Description
Summary:	Sustaining rapid economic growth for reduced poverty and shared prosperity over the next decade and beyond in Georgia is an important goal and a key challenge for the authorities. While the record of growth over the last decade has been strong, the forces that drove this growth are unlikely to be sustained in the coming years. Sustaining strong growth in Georgia going forward will require new policies that help support both high investment financed increasingly from domestic sources as well as sustained rapid productivity growth in the tradable sectors. Ensuring a more sustainable source of financing for investment and accumulation will require raising low rates of national savings in Georgia. Sustaining rapid productivity growth of tradables will require reforms to address firm level constraints to improved allocative efficiency and productivity over the firm lifecycle. Supporting productivity growth will also require improved skills and deployment of workers that will also support employment generation and more inclusive growth going forward. Expanding productivity and growth of exports will require ensuring price competitiveness, enhancing market access, and improving logistics infrastructure. This report is structured in five chapters. Chapter one looks at the sources and prospects for growth, the record on national savings, and the prospects for raising savings. Chapter two is a diagnostic of the dynamics of firm-level productivity growth and the policies that may be constraining improved allocative efficiency and lifecycle productivity. Chapter three looks at employment and skills to assess whether Georgia's labor resources are adequately deployed. Chapter four is a diagnostic of exports and international trade and the policies that may be holding back growth and productivity of the export and tradable sectors in particular. Two appendices on the apparel and wine industries provide additional insight into policies to support export growth.

Georgia Sustaining Rapid Economic Growth : Country Economic Memorandum

Similar Items