Georgia improves spot on Global Competitiveness Index

Georgia has climbed three points on the World Economic Forum (WEF) 2014-2015 Global Competitiveness Report (GCR).

With an overall score of 4.2 out of a possible 7, Georgia moved to 69th position out of 144 global economies. Georgia maintained its place in the group of efficiency-driven countries.

Since 1979, the WEF GCR has benchmarked the global business environment and competitiveness landscape of most of the world’s major economies. Georgia has been included in the GCR since 2004.

Data for the GCR originated from the Executive Opinion Survey of small, medium and large businesses across various sectors in each economy (2/3 of the indicators) as well as from International Organisations (1/3 of indicators).

The report contained three main stages of country development: factor-driven, efficiency-driven and innovation-driven. There were also intermediary transition stages.

The GCR is a set of institutions, policies, and factors that determine the level of productivity of a country, conditions of public institutions and technical conditions. It analyses the factors that play a significant role in creating a favorable business-climate environment in the country and are important for competitiveness and manufacture point of view.

The GCR also considers strength and weaknesses of a country and identifies priorities for the facilitation of political reforms implementation.