Deputy Economy Minister: Georgia ranks third in World Bank's Business Ready report

Georgian Deputy Economy Minister Vakhtang Tsintsadze on Friday said the country had secured the third spot in the inaugural Business Ready report by the World Bank, behind Singapore and Estonia.

He said the new rating had replaced the Doing Business ranking of the World Bank, in which Georgia was previously ranked seventh.

The Deputy Minister said Georgia finished third among the 50 economies assessed this year, and was ahead of Portugal, Hungary, Slovakia, Croatia, and Montenegro.

Furthermore, Tsintsadze said, Georgia had surpassed Hong Kong and New Zealand, both of which were previously ranked higher in the Doing Business rating.

The rating evaluates the regulatory and operational environment for doing business in the country, reaffirming Georgia’s attractiveness to both international and local investors. Our goal is to continue to further improve the business and investment climate. The Government is implementing a number of reforms in this direction that will structurally move the Georgian economy to a new level”, he said.

• Georgia tops World Bank's 2024 Business Ready report in labour, business location, dispute resolution

The Ministry of Economy said the report aimed to quantitatively and qualitatively assess the business environment for the development of the private sector. Georgia has “excelled” in seven out of 10 indicators, the report said, securing the top position in business location and labour indicators, second in dispute resolution, sixth in taxation and business insolvency, seventh in financial services, and 10th in international trade.