Publication: Georgia Country Assistance Evaluation, 1993-2007
Date
2008-06
ISSN
Published
2008-06
Author(s)
World Bank
Abstract
Georgia's development path was
highly uneven after the country gained independence in 1991.
Civil war, secessionist movements, and economic crises
resulted in a sharp and protracted fall in output and
hyperinflation in the immediate post-independence years. In
1994-96 the country implemented a successful stabilization
program, reining in hyperinflation and restoring growth. But
in subsequent years the government failed to overcome
problems arising notably from economic mismanagement and
widespread corruption, leading to poor public services, a
deepening energy crisis, and political and economic
uncertainty. After the November 2003 raised revolution, the
new government executed an ambitious reform program that
quickly produced results: rapid economic growth, improved
governance, and better living conditions. The World
Bank's experience in Georgia closely followed the
successes and failures of the country's development.
Three distinct sub-periods can be identified, based on the
timing of the Bank's country strategies, changes in
government policy course, and exogenous factors: 1994-97,
1998-2003, and 2004-07. With Georgia now on the path to
international Development Association (IDA) graduation and
becoming eligible for International Bank for Reconstruction
and Development (IBRD) borrowing, the challenge for the Bank
is to sustain a strong partnership with an emerging
middle-income country.
Citation
“World Bank. 2008. Georgia Country Assistance Evaluation, 1993-2007. IEG Fast Track Brief. © Washington, DC. http://openknowledge.worldbank.org/entities/publication/20abd049-2d24-5528-b81b-e8f08b72dc26 License: CC BY 3.0 IGO.”