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The Georgian economy benefited from comprehensive reforms implemented in recent years. However, some shortcomings of the liberal economic model have become apparent more recently. The new government, with the support of the international community, has a window of opportunity to address the shortcomings of Georgia’s recent developmental model while maintaining the country on the path of strong and sustainable growth.
Strategy (272KB - PDF)
Local language version (635KB - PDF)
Report on the invitation to the public to comment (71KB - PDF)
The key remaining transition challenges that can be addressed with the support of EBRD financing and policy advice include:
Low levels of private investment in the economy. During the crisis, private investment declined to around 8 per cent of GDP. The government’s efforts to encourage foreign direct investment should be broadened to target a more diversified range of investors and sectors. Stimulating domestic savings, possibly through the development of a privately funded pension system, would also support private investment as well as the development of local capital markets.
Underutilised renewable energy sector potential. The country’s energy sector virtually collapsed during the transition period but has undergone a significant transformation in recent years as hydropower capacity was rebuilt and transmission networks established. However, Georgia’s integration in regional energy markets remains incomplete and the sector suffers from significant distribution losses and seasonal supply volatility.
Limited integration in regional and global production markets and value chains. Growth would benefit from regional expansion, including greater access to European, Russian and other neighbouring markets that would attract large scale investments. Georgia’s location and favourable investment climate should support the transition from a strategic transit corridor to a logistics platform for the wider region. This requires further improvements to transport infrastructure, investing in logistics facilities and industries adding value to goods transiting through the country.
Last updated 18 September 2013