Publication: Georgia Country Economic Memorandum: Charting Georgia’s Future
Date
2022-06
ISSN
Published
2022-06
Author(s)
World Bank
Abstract
From the Coronavirus (COVID) pandemic
to the war in Ukraine, the world and Georgia are
experiencing more uncertainty and accelerating disruption.
As a small open economy looking to integrate with the global
economy, Georgia must carefully navigate these trends by
being prepared for the risks and on the lookout for emerging
opportunities. A more capable, competitive and connected
Georgia will be better placed to navigate these trends. This
Country Economic Memorandum (CEM) aims to inform the
policies that could offset these headwinds. To sustain
productivity growth, Georgia needs to facilitate its
structural transformation and the corresponding spatial
adjustment (Chapters 1 and 2). Furthermore, growth will
increasingly need to come from improvements in total factor
productivity (TFP) in Georgia’s firms (Chapter 3) and
advancement in their ability to exploit opportunities in
external markets (Chapter 4). Finally, more active and
better-skilled labor (Chapter 5) can help offset existing
demographic trends and augment productivity. Progress in
these areas, supported by higher savings, will make
Georgia’s economy more competitive, connected, and capable,
help sustain robust GDP growth over the long-term and turn
Georgia’s aspirations into reality.
Citation
“World Bank. 2022. Georgia Country Economic Memorandum: Charting Georgia’s Future. © Washington, DC. http://hdl.handle.net/10986/38130 License: CC BY 3.0 IGO.”