UPDATED: Global Competitiveness Report
Georgia is top performer in Eurasia

UPDATED: September 29, 11:20am

Georgia’s Prime Minister Giorgi Kvirikashvili today commented on the Global Competitiveness Report 2016-2017, which showed Georgia had one of the most improved economies in Eurasia.

Kvirikashvili said the report contributed to Georgia's improving international investment image.

According to the report, Georgia improved its position in economic, social and business areas, its macroeconomic environment, healthcare and primary education sectors, goods market efficiency, technological readiness level, diversification of business and innovation," he said.

The economic competitiveness of the country has is improved in many fundamental areas and this is crucial in terms of the international investment image of the country and for Georgian entrepreneurs,” said Georgia's Prime Minister.

EARLIER: September 28, 13:31

Georgia has one of the most improved economies in Eurasia, says the Global Competitiveness Report 2016–2017, which also forecast Georgia’s economy will grow more than other Eurasian countries this year.

Georgia climbed seven points on the latest Global Competitiveness Report and with an overall score of 4.32 out of a possible seven, Georgia moved to 59th position out of 138 global economies. Georgia also maintained its place in the group of efficiency-driven countries.

The latest Global Competitiveness Report was published by the World Economic Forum within the framework of the Global Competitiveness and Risks Team.

The most improved Eurasian economies are Georgia (up seven places at 59th) and Tajikistan (up five at 77th). In both countries Gross Domestic Product (GDP) is expected to grow by over 2.5 percent in 2016 - below the average for the past decade but more than other Eurasian countries,” said the 2016-2017 report.

Meanwhile, with more than three months left of 2016 Georgia’s economy has hit its projected target of three percent growth.

The National Bank of Georgia (NBG) and various international financial institutions projected Georgia’s economic growth will reach three percent in 2016 but latest official figures by the National Statistics Office of Georgia (Geostat) showed the economy had already reached this target.

Switzerland ranked first in the Global Competitiveness Report 2016-2017, followed by Singapore and the United States. Screenshot from the Global Competitiveness Report. 

In the second quarter of 2016, Georgia’s real growth of GDP reached three percent year-on-year (y/y), said Geostat. 

The Global Competitiveness Report 2016-2017 generally assessed competitiveness and performance of countries in Eurasia as "overall stable”, and highlighted Georgia’s achievements in maintaining the most stable conditions compared to other countries in the region.

Although most economies in the region face challenges related to the fall in commodity prices, volatile exchange rates, recession in the Russian Federation and Ukraine, and the slowdown of the Chinese economy. These shocks have affected competitiveness in two major ways: all Eurasian economies except Georgia have seen the value of their exports fall, reducing their total market size; and falling tax and royalties revenues have increased government deficits and public debt,” said the report.

On average, the region went into recession in 2015 and the Global Competitiveness Report forecast regional economic growth was expected to remain negative for 2016.

The report ranked other countries in the region: Azerbaijan ranked 37, Russia ranked 43, Turkey placed 55, Armenia placed 79, Ukraine placed 85 and Moldova ranked 100.

Switzerland ranked first in the Global Competitiveness Report 2016-2017, followed by Singapore and the United States. The Netherlands and Germany rounded out the top five countries ranked in the report.