Doing Business report: Georgia among world’s top 10
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Georgia is the ninth among the world’s 190 countries according to the 15th anniversary edition of the World Bank Group’s annual Doing Business report.
The report finds Georgia a top performing economy among the countries of Europe and Central Asia, where it takes two procedures and two days to register a new business, compared with nine procedures and 25 days in 2003.
#Georgia advances 7 positions and is ranked highest in #Europe & Central #Asia in @WorldBank's #DoingBiz 2018 report https://t.co/8zsgAJ49N4
— Giorgi Kvirikashvili (@KvirikashviliGi) October 31, 2017
Georgia’s positions have improved in:
- Starting business: 4th place (8th in 2017)
- Getting electricity: 30th place (39th in 2017)
- Protecting minority investors: 2nd place (7th in 2017)
- Enforcing contracts: 7th place (16th in 2017)
- Resolving insolvency: 57th place (106th in 2017)
Georgia has also implemented a number of economic reforms in the past 15 years, totaling 47, followed by Kazakhstan and the Former Yugoslav Republic of Macedonia, with 41 each.
With tangible reforms implemented in three key areas this year – making electricity more affordable, strengthening minority investor protections, and making resolving insolvency easier – Georgia continues to be a top reformer in the Europe and Central Asia region, and is poised to accelerate inclusive and sustainable growth,” Mercy Tembon, World Bank Regional Director for the South Caucasus said.
We commend the Government of Georgia for this remarkable achievement and encourage them to maintain this momentum”, Tembon added.
Doing Business 2018 top ten countries are:
- New Zealand
- Singapore
- Denmark
- Korea
- Hong-Kong, China
- USA
- Great Britain
- Norway
- Georgia
- Sweden
Georgian Minister of Economy Giorgi Gakharia said the country is developing and moving in the right direction.
Georgia has become the regional leader, where the phrase "ease of doing business" is realistic and accurately reflects the business climate in our country. The Doing Business report is one of the most prestigious rating systems, and seeing Georgia among its top ten countries is a great incentive for international business circles to direct their vectors and investments towards Georgia”, Gakharia said.
The Doing Business 2018: Reforming to Create Jobs report measured regulations that affected 10 areas of the life of a business. These were: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
You can read the full report about Georgia here.
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