Georgia Rising : Sustaining Rapid Economic Growth
Economic growth in Georgia was strong at 6.1 percent per year during 2004-12 as structural reforms and a favorable global economy led to large foreign direct investment (FDI) inflows and expansion in the services sectors. However, the current acco...
| Main Author: | |
|---|---|
| Format: | Country Economic Memorandum |
| Language: | English en_US |
| Published: |
Washington, DC
2013
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2013/07/18042630/georgia-rising-sustaining-rapid-economic-growth http://hdl.handle.net/10986/15984 |
| id |
okr-10986-15984 |
|---|---|
| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
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 |
| spellingShingle |
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 World Bank Georgia Rising : Sustaining Rapid Economic Growth |
| geographic_facet |
Europe and Central Asia Georgia |
| description |
Economic growth in Georgia was strong at
6.1 percent per year during 2004-12 as structural reforms
and a favorable global economy led to large foreign direct
investment (FDI) inflows and expansion in the services
sectors. However, the current account deficit has remained
large and economic expansion has been driven primarily by
the nontradable sectors, thus raising concerns about the
sustainability of growth. This country economic memorandum
(CEM) report shows that 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 export and tradable sectors. The report presents an
array of policy options to raise national saving, boost firm
productivity, better deploy labor resources, and enhance
export competitiveness. Raising national saving will
require a shift in the fiscal framework to control growth of
current expenditures and bolstering private saving through
macro-prudential regulations and a package of measures to
support saving for retirement. Stimulating firm
productivity will require addressing a range of constraints,
including streamlining the complexity of closing a business,
reducing high borrowing costs, and improving the electricity
pricing mechanism. Boosting job creation and more
productively deploying labor resources will require
upgrading overall education quality, strengthening
vocational education systems, and developing job matching
services to alleviate skills mismatches and reduce search
costs. Enhancing competitiveness of exports will require
addressing any overvaluation of the exchange rate, pursuing
trade-related reforms to enhance access to European Union
and international markets, and upgrading logistics and
internal infrastructure. |
| format |
Economic & Sector Work :: Country Economic Memorandum |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Georgia Rising : Sustaining Rapid Economic Growth |
| title_short |
Georgia Rising : Sustaining Rapid Economic Growth |
| title_full |
Georgia Rising : Sustaining Rapid Economic Growth |
| title_fullStr |
Georgia Rising : Sustaining Rapid Economic Growth |
| title_full_unstemmed |
Georgia Rising : Sustaining Rapid Economic Growth |
| title_sort |
georgia rising : sustaining rapid economic growth |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2013/07/18042630/georgia-rising-sustaining-rapid-economic-growth http://hdl.handle.net/10986/15984 |
| _version_ |
1764431540337508352 |
| spelling |
okr-10986-159842021-04-23T14:03:23Z Georgia Rising : Sustaining Rapid Economic Growth World Bank 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 Economic growth in Georgia was strong at 6.1 percent per year during 2004-12 as structural reforms and a favorable global economy led to large foreign direct investment (FDI) inflows and expansion in the services sectors. However, the current account deficit has remained large and economic expansion has been driven primarily by the nontradable sectors, thus raising concerns about the sustainability of growth. This country economic memorandum (CEM) report shows that 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 export and tradable sectors. The report presents an array of policy options to raise national saving, boost firm productivity, better deploy labor resources, and enhance export competitiveness. Raising national saving will require a shift in the fiscal framework to control growth of current expenditures and bolstering private saving through macro-prudential regulations and a package of measures to support saving for retirement. Stimulating firm productivity will require addressing a range of constraints, including streamlining the complexity of closing a business, reducing high borrowing costs, and improving the electricity pricing mechanism. Boosting job creation and more productively deploying labor resources will require upgrading overall education quality, strengthening vocational education systems, and developing job matching services to alleviate skills mismatches and reduce search costs. Enhancing competitiveness of exports will require addressing any overvaluation of the exchange rate, pursuing trade-related reforms to enhance access to European Union and international markets, and upgrading logistics and internal infrastructure. 2013-10-01T19:16:55Z 2013-10-01T19:16:55Z 2013-07 http://documents.worldbank.org/curated/en/2013/07/18042630/georgia-rising-sustaining-rapid-economic-growth http://hdl.handle.net/10986/15984 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Country Economic Memorandum Economic & Sector Work Europe and Central Asia Georgia |