Forbes: Georgia lists number 52 among the best countries for making business

Forbes: Georgia lists number 52 among the best countries for making business

Forbes publishes the annual list of the best countries for making business. In this year’s ratings, Georgia holds 52nd position. Compared to the last year, Georgia’s rating has worsened by 9 positions.

Forbes states that main driver of Georgia’s economic activity is the agricultural production, including hazelnut, citrus and grape production. According to Forbes, Georgia imports almost the whole amount of natural gas and oil, needed for consumption. Besides, Georgia has abundant hydrological resources, by means of which the country is generating power.

“By reconstructing HPPs and replacement of Russian gas by the gas import from Azerbaijan, Georgia has overcome permanent energy and natural gas supply shortage”, is stated in Forbes. It is also noted that in 2006-2007, Georgia’s economy was rapidly growing, which growth was slowed down due to 2008 war and global economic crisis.

“In 2010-2016, economic growth was speeded up, however, the volume of investments did not improve fully”, is stated in the magazine, although Georgia has been highly evaluated by the World Bank with regard to tax liberalization.

Georgia’s positions in different criteria are as follows:

Trade freedom – 6th position

Monetary freedom – 81st position

Ownership rights – 88th position

Innovations – 117th position

Technologies – 69th position

Investor protection – 2nd position

Corruption – 38th position

Personal freedom – 65th position

Tax burden – 22nd position

For this rating, Forbes uses data provided by different organizations, including Freedom House, Heritage Foundation, Property Rights Alliance, United Nations, Transparency International, World Bank Group and World Economic Forum.

The ratings involve total of 153 countries.

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