Georgia ranks #50 in the Forbes list of the Best Countries for Business

Georgia ranks #50 in the Forbes ranking of the Best Countries for Business. The list contains 145 countries, among which Russia is in 91^st place, Azerbaijan is at 67^th place and Armenia holds 64^th place.

The Top 10 countries are Ireland, New Zealand, Hong-Kong, Denmark, Sweden, Finland, Singapore, Canada, Norway and Netherlands.

As Forbes reports, Georgia overcame the shortage of electricity by rehabilitation of hydropower plants and by shifting natural gas imports from Russia to Azerbaijan.

"Georgia's main economic activities include the cultivation of agricultural products such as grapes, citrus fruits, and hazelnuts; mining of manganese, copper, and gold; and output of a small industrial sector producing alcoholic and nonalcoholic beverages, metals, machinery, and chemicals. The country imports nearly all its needed supplies of natural gas and oil products. It has a sizeable hydropower capacity that now provides most of its energy needs. Georgia has overcome the chronic energy shortages and gas supply interruptions of the past by renovating hydropower plants and by increasingly relying on natural gas imports from Azerbaijan instead of from Russia. Construction of the Baku-T'bilisi-Ceyhan oil pipeline, the Baku-T'bilisi-Erzerum gas pipeline, and the Kars-Akhalkalaki Railroad are part of a strategy to capitalize on Georgia's strategic location between Europe and Asia and develop its role as a transit point for gas, oil, and other goods. says Forbes.

According to the magazine, Georgia had 10% growth of GDP in 2006-2007, when foreign direct investments reached abundant numbers, but decreased after August 2008 war with Russia.

"The economy rebounded in 2010-12, with growth rates above 6% per year, but FDI inflows, the engine of Georgian economic growth prior to the 2008 conflict, have not recovered fully. Unemployment has also remained high at above 15%.

Forbes also emphasizes the progress of Georgia in fighting the corruption after 2004.

"The country is pinning its hopes for renewed growth on a determined effort to continue to liberalize the economy by reducing regulation, taxes, and corruption in order to attract foreign investment, with a focus on hydropower, agriculture, tourism, and textiles production. Since 2004, the government has taken a series of actions against endemic corruption, including reform of the traffic police and implementation of a fair examination system for entering the university system. The government has received high marks from the World Bank for its anti-corruption efforts. reports Forbes.