Georgia : Seizing the Opportunity to Prosper

Georgia: Seizing the Opportunity to Prosper suggests a path towards sustainable and shared growth. Georgia s story is associated with three stylized facts: high growth with persistent unemployment currently at nearly 15 percent after 10 years of an...

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Bibliographic Details
Main Author:	World Bank
Format:	Economic & Sector Work
Language:	English en_US
Published:	Washington, DC 2015
Subjects:	AGGREGATE DEMAND AGRICULTURE AIRPORTS ALLOCATIVE EFFICIENCY ASSETS BALANCE SHEET BANK BORROWING BANKING SYSTEM BENCHMARKING BORROWING COSTS BOTTLENECKS CAPACITY BUILDING CAPITAL FORMATION CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CENTRAL BANK COLLATERAL COLLATERAL REQUIREMENTS COMPETITIVENESS CONSUMER GOODS CONSUMERS CONSUMPTION EXPENDITURE CREDIT ACCESS CREDIT SUBSIDIES CRISES CURRENCY CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DECENTRALIZATION DEFICITS DEPOSIT DEPOSITS DEVELOPMENT STRATEGIES DEVELOPMENT STRATEGY DOMESTIC INTEREST RATES DOMESTIC MARKET DRIVERS DRIVING ECONOMIC COMPETITIVENESS ECONOMIC CONDITIONS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC RELATIONS ECONOMIC STRUCTURE ELASTICITY EMERGING MARKETS EMPIRICAL EVIDENCE EMPLOYMENT GROWTH EMPLOYMENT PATTERNS ENTERPRISE PERFORMANCE EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXPENDITURES EXPLOITATION EXPORT COMPETITIVENESS EXPORT GROWTH EXPORTER EXPORTERS EXPORTS EXTERNAL BORROWING EXTREME POVERTY FINANCIAL CAPITAL FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FINANCING OF INFRASTRUCTURE FISHING FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN INVESTMENT FOREIGN MARKETS FORESTRY FREE TRADE GDP GDP PER CAPITA GINI COEFFICIENT GLOBAL TRADE GLOBALIZATION GROSS DOMESTIC PRODUCT GROSS VALUE GROWTH POTENTIAL GROWTH RATE HIGH UNEMPLOYMENT HIGHWAY HIGHWAY TRANSIT HOLDING HOUSEHOLD INCOME HUMAN CAPITAL INCOME INCOME GROWTH INCOME LEVELS INFLATION INFLATION RATE INFORMATIONAL ASYMMETRIES INFRASTRUCTURE INVESTMENTS INFRASTRUCTURE PROJECTS INNOVATION INSTITUTIONAL CAPACITY INSURANCE INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCE INTERNATIONAL INVESTMENT INTERNATIONAL MARKETS INTERNATIONAL SETTLEMENTS INTERNATIONAL STANDARDS INTERNATIONAL TRANSACTIONS INVESTMENT BANK INVESTMENT SPENDING INVESTMENT STRATEGY JOB CREATION JOINT STOCK COMPANY LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LABOR MARKET CHARACTERISTICS LABOR MARKET FLEXIBILITY LABOR MARKET INDICATORS LABOR MOBILITY LABOR PRODUCTIVITY LABOR SUPPLY LAND USE LAND USE PATTERNS LETTERS OF CREDIT LIVING STANDARDS LOCAL CURRENCY MACROECONOMIC STABILITY MARKET ACCESS MARKET CONDITIONS MARKET INTEGRATION MARKET SIZE METALS MICROFINANCE MICROFINANCE INSTITUTION MOBILITY MORTALITY NATIONAL SAVING NATIONAL TRANSPORT NET EXPORTS OIL OLD-AGE PENSION OLDER WORKERS OPEN ECONOMY PENSION PENSIONS PER CAPITA INCOME PHYSICAL ASSET PHYSICAL ASSETS PLEDGES POSITIVE EXTERNALITIES POTENTIAL INVESTORS PRODUCTION EFFICIENCY PRODUCTION FUNCTIONS PRODUCTIVITY GROWTH PRODUCTIVITY INCREASES PUBLIC EXPENDITURES PUBLIC FUNDS PUBLIC GOODS PUBLIC INVESTMENT PUBLIC PARTICIPATION PUBLIC SPENDING PUBLIC SUBSIDIES PURCHASING POWER RAIL RAILWAY RAILWAY SECTOR RAILWAYS REAL EXCHANGE RATE REAL GDP REGULATORY FRAMEWORKS REMITTANCES RETURNS RISK MANAGEMENT ROUTE RURAL ROADS SAFETY SAFETY NETS SKILLED LABOR SMALL BORROWERS SUNK COSTS SUSTAINABLE DEVELOPMENT SUSTAINABLE GROWTH TAX TAX DEDUCTIONS TOTAL FACTOR PRODUCTIVITY TRADE BALANCE TRADE COMPETITIVENESS TRADE DEFICIT TRADE LIBERALIZATION TRADE POLICY TRADING TRAFFIC TRANSACTION TRANSIT TRANSIT CORRIDOR TRANSIT OPERATIONS TRANSIT SYSTEM TRANSITION ECONOMIES TRANSPARENCY TRANSPORT TRANSPORT INFRASTRUCTURE TRANSPORT MODE TRANSPORT POLICY TRANSPORT SECTOR TRANSPORT SERVICES TRANSPORT STRATEGY TRANSPORTATION TRUE TURNOVER UNEMPLOYED UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES VALUE ADDED WAGE INCREASES WAGES WASTE MANAGEMENT WORK FORCE
Online Access:	http://documents.worldbank.org/curated/en/2014/12/23884262/georgia-seizing-opportunity-prosper-country-economic-memorandum http://hdl.handle.net/10986/21421

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Summary:	Georgia: Seizing the Opportunity to Prosper suggests a path towards sustainable and shared growth. Georgia s story is associated with three stylized facts: high growth with persistent unemployment currently at nearly 15 percent after 10 years of annual growth that averaged above 5.5 percent; a doing business rank of 8 out of 189 countries achieved without recovery to 1990 levels of per capita income suggesting a relatively difficult transition experience in spite of noteworthy success with several governance and business environment reforms; and obstinate socio-economic vulnerabilities reflected in Georgia s status as one of the poorest countries in the Europe and Central Asia (ECA) region of the World Bank with a relatively weak performance on reducing poverty and inequality. Georgia is well positioned to achieve its development objectives. The main challenge is persistent joblessness, which must be addressed to establish a sustainable basis for the pro-poor development model outlined in the Government s Socio-Economic Strategy 2020. This report, which is anchored in the Government s Socio-economic Development Strategy 2020, explores the potential for improved export competitiveness to strengthen employment growth in Georgia and is intended to inform a policy agenda mainly focused on the demand side of the labor market.

Georgia : Seizing the Opportunity to Prosper

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