Publication:
Georgia Rising : Sustaining Rapid Economic Growth

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dc.contributor.authorWorld Bank
dc.date.accessioned2013-10-01T19:16:55Z
dc.date.available2013-10-01T19:16:55Z
dc.date.issued2013-07
dc.description.abstractEconomic 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/2013/07/18042630/georgia-rising-sustaining-rapid-economic-growth
dc.identifier.doi10.1596/15984
dc.identifier.urihttps://hdl.handle.net/10986/15984
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectABSOLUTE POVERTY
dc.subjectACCOUNTING FRAMEWORK
dc.subjectAGGREGATE DEMAND
dc.subjectAGGREGATE INCOME
dc.subjectAGRICULTURE
dc.subjectANNUAL GROWTH
dc.subjectAVAILABILITY OF CREDIT
dc.subjectAVERAGE LEVEL
dc.subjectBANK ENTRY
dc.subjectBANK LOANS
dc.subjectBANK SPREADS
dc.subjectBANKING SECTOR
dc.subjectBENCHMARK
dc.subjectBORROWING COSTS
dc.subjectBUSINESS DEVELOPMENT
dc.subjectBUSINESS ENVIRONMENT
dc.subjectCAPITA INCOMES
dc.subjectCAPITAL ACCUMULATION
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL FORMATION
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL MARKETS DEVELOPMENT
dc.subjectCAPITAL STOCK
dc.subjectCOLLECTIVE INVESTMENT
dc.subjectCOMMERCIAL BANK
dc.subjectCOMMERCIAL BANK LOANS
dc.subjectCOMMODITY
dc.subjectCOMPARATOR COUNTRIES
dc.subjectCOMPETITIVENESS
dc.subjectCONSUMER DURABLE
dc.subjectCONSUMPTION GROWTH
dc.subjectCONSUMPTION LEVELS
dc.subjectCORPORATE PROFITS
dc.subjectCORPORATE SAVING
dc.subjectCORPORATE SAVINGS
dc.subjectCOUNTRY VARIATION
dc.subjectCREDIT AVAILABILITY
dc.subjectCREDIT CARD
dc.subjectCREDIT CARD DEBT
dc.subjectCREDIT CARDS
dc.subjectCURRENCY
dc.subjectCURRENT ACCOUNT BALANCE
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectDATA AVAILABILITY
dc.subjectDEBT
dc.subjectDEBTS
dc.subjectDEMOGRAPHIC
dc.subjectDEPOSIT
dc.subjectDEPOSIT RATES
dc.subjectDESCRIPTIVE STATISTICS
dc.subjectDIVIDEND
dc.subjectDIVIDENDS
dc.subjectDOMESTIC CREDIT
dc.subjectDOMESTIC CREDIT GROWTH
dc.subjectDOMESTIC FINANCIAL MARKETS
dc.subjectDOMESTIC MARKET
dc.subjectDOMESTIC SAVINGS
dc.subjectDURABLES
dc.subjectECONOMIC AGENTS
dc.subjectECONOMIC CRISIS
dc.subjectECONOMIC DOWNTURN
dc.subjectECONOMIC GROWTH
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKETS
dc.subjectENTERPRISE PERFORMANCE
dc.subjectEQUIPMENT
dc.subjectEXCHANGE RATE
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXPORT GROWTH
dc.subjectEXPORT MARKETS
dc.subjectEXPORT SECTORS
dc.subjectEXPORT SHARE
dc.subjectEXPORTS
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNAL FINANCING
dc.subjectEXTERNAL IMBALANCES
dc.subjectEXTREME POVERTY
dc.subjectFACTORS OF PRODUCTION
dc.subjectFINANCIAL CONSTRAINTS
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL STABILITY
dc.subjectFIRM GROWTH
dc.subjectFISCAL CONSOLIDATION
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL POLICIES
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFREE TRADE
dc.subjectFREE TRADE AGREEMENT
dc.subjectFUTURE GROWTH
dc.subjectGDP
dc.subjectGDP PER CAPITA
dc.subjectGINI COEFFICIENT
dc.subjectGLOBAL ECONOMY
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROSS NATIONAL SAVINGS
dc.subjectGROWTH ACCOUNTING
dc.subjectGROWTH IMPACT
dc.subjectGROWTH INVESTMENT
dc.subjectGROWTH MODEL
dc.subjectGROWTH PATH
dc.subjectGROWTH PROSPECTS
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHOLDING
dc.subjectHOUSEHOLD INCOME
dc.subjectHOUSEHOLD SAVING
dc.subjectHOUSEHOLD SAVING RATE
dc.subjectHOUSEHOLD SAVING RATES
dc.subjectHOUSEHOLD SAVINGS
dc.subjectHOUSEHOLD SURVEYS
dc.subjectHUMAN CAPITAL
dc.subjectINCOME
dc.subjectINCOME GROWTH
dc.subjectINCOME LEVEL
dc.subjectINCOME LEVELS
dc.subjectINCOMES
dc.subjectINDUSTRIAL COUNTRIES
dc.subjectINFLATIONARY EXPECTATIONS
dc.subjectINSTRUMENT
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectINTERNATIONAL MARKETS
dc.subjectINTERNATIONAL STANDARDS
dc.subjectINTERNATIONAL TRADE
dc.subjectINVESTMENT INSTRUMENTS
dc.subjectINVESTMENT RATE
dc.subjectINVESTMENT RATES
dc.subjectJOB CREATION
dc.subjectLABOR FORCE
dc.subjectLABOR FORCE GROWTH
dc.subjectLABOR MARKET
dc.subjectLABOR SUPPLY
dc.subjectLIQUIDITY
dc.subjectLIVING STANDARDS
dc.subjectLOAN
dc.subjectLOCAL CURRENCY
dc.subjectLONG RUN
dc.subjectLONG TERM SAVING
dc.subjectLONG TERM SAVINGS
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET ACCESS
dc.subjectMARKET DEVELOPMENTS
dc.subjectMARKET EFFICIENCY
dc.subjectMARKET REFORMS
dc.subjectMARKET SHARES
dc.subjectMARKET STABILITY
dc.subjectMEDIUM TERM
dc.subjectMIDDLE INCOME COUNTRIES
dc.subjectMONETARY FUND
dc.subjectMORTGAGE LOANS
dc.subjectMORTGAGES
dc.subjectNATIONAL ACCOUNTS
dc.subjectNATIONAL BANK
dc.subjectNATIONAL SAVING
dc.subjectNATURAL RESOURCES
dc.subjectNET EXPORTS
dc.subjectNON-PERFORMING LOANS
dc.subjectNPL
dc.subjectOPEN ECONOMY
dc.subjectOUTPUT
dc.subjectOUTPUT RATIO
dc.subjectOUTPUTS
dc.subjectOVERVALUATION
dc.subjectPENSION
dc.subjectPENSION FUNDS
dc.subjectPENSION REFORM
dc.subjectPOLICY AREAS
dc.subjectPOLICY MAKERS
dc.subjectPOVERTY LINE
dc.subjectPOVERTY REDUCTION
dc.subjectPRIVATE DEBT
dc.subjectPRIVATE SAVING
dc.subjectPRIVATE SAVINGS
dc.subjectPRIVATIZATION
dc.subjectPRO-POOR
dc.subjectPRODUCTION FUNCTION
dc.subjectPRODUCTIVITY GROWTH
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC FINANCES
dc.subjectPUBLIC INVESTMENTS
dc.subjectPUBLIC SAVING
dc.subjectPUBLIC SAVINGS
dc.subjectPUBLIC-PRIVATE PARTNERSHIPS
dc.subjectRAPID ECONOMIC GROWTH
dc.subjectRAPID GROWTH
dc.subjectRATE OF INVESTMENT
dc.subjectREAL ESTATE
dc.subjectREAL EXCHANGE RATE
dc.subjectREAL GDP
dc.subjectREDUCED FORM EQUATION
dc.subjectREDUCED POVERTY
dc.subjectREDUCING POVERTY
dc.subjectREGIME CHANGE
dc.subjectRESERVES
dc.subjectRESIDENTIAL MORTGAGE
dc.subjectRETIREMENT SAVING
dc.subjectRETIREMENT SAVINGS
dc.subjectRETURNS
dc.subjectRICH COUNTRIES
dc.subjectRURAL AREAS
dc.subjectSAVINGS
dc.subjectSECTOR REFORMS
dc.subjectSECTORAL COMPOSITION
dc.subjectSOCIAL PROTECTION
dc.subjectSUSTAINABLE GROWTH
dc.subjectTARIFF BARRIERS
dc.subjectTAX
dc.subjectTAX RATES
dc.subjectTAX REVENUES
dc.subjectTFP
dc.subjectTOTAL CONSUMPTION
dc.subjectTOTAL FACTOR PRODUCTIVITY
dc.subjectTOTAL FACTOR PRODUCTIVITY GROWTH
dc.subjectTRADABLE SECTORS
dc.subjectTRANSITION ECONOMIES
dc.subjectUNEMPLOYMENT
dc.subjectUNEMPLOYMENT RATE
dc.subjectVALUE ADDED
dc.titleGeorgia Rising : Sustaining Rapid Economic Growthen
dspace.entity.typePublication
okr.date.disclosure2013-07-26
okr.date.doiregistration2025-05-07T10:37:18.473760Z
okr.doctypeEconomic & Sector Work::Country Economic Memorandum
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2013/07/18042630/georgia-rising-sustaining-rapid-economic-growth
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticePoverty
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid233561468244206922
okr.identifier.externaldocumentum000442464_20130726150842
okr.identifier.internaldocumentum18042630
okr.identifier.report79666
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/07/26/000442464_20130726150842/Rendered/PDF/796660Revised0000BGEO0CEM0Published.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryGeorgia
okr.sectorAgriculture, fishing, and forestry :: General agriculture, fishing and forestry sector
okr.sectorPublic Administration, Law, and Justice :: General public administration sector
okr.sectorFinance :: General finance sector
okr.sectorIndustry and trade :: General industry and trade sector
okr.themeEconomic management :: Analysis of economic growth
okr.themeEconomic management :: Macroeconomic management
okr.themeTrade and integration :: Export development and competitiveness
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicEconomic Theory and Research
okr.topicPrivate Sector Development::Emerging Markets
okr.topicPoverty Reduction::Achieving Shared Growth
okr.unitMacroeconomics 1 (ECSP1)
okr.volume1 of 1
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