Heritage Foundation sees judiciary system as the main challenge for the economy of Georgia

Heritage Foundation sees judiciary system as the main challenge for the economy of Georgia

Interview with Anthony Kim, co-author of Heritage Foundation’s Index of Economic Freedom:

– Last year, Georgia took 13th place according to the Index of Economic Freedom. This was 10 points higher position than previously. What was the main reason for that and what are the main challenges you see for the economy of Georgia now?

– Georgia has performed a great job in terms of reforming and modernization its economy, but now I think you have to do more, particularly for the judiciary system. This is a very complicated field for reforming; therefore you should keep on improving the system. I think, as the times pass, more and more opportunities will appear in terms of economic dynamism and creation of new jobs. Free market principles facilitate economic growth of the country. It is time for Georgia to act.

– In terms of labour efficiency, last year Georgia’s position did not improve. In your opinion, what was the main reason for that?

– Judiciary system is very important and crucial for all fields of economy. Without independent judiciary system, it is very difficult to achieve sustainable development. Judiciary is the foundation for any functioning system – not only for Georgia but also for any country in the world. Judiciary has a lot of political commitments, since there should be a political will for the reform.

– What do you think about the tax system in Georgia?

– Tax system in Georgia is quite competitive, but it needs more transparency and coordination between different institutions. National Bank of Georgia and the Ministry of Finance are quite well coordinated with each other. Your tax system definitely can stimulate economic advancement.

– Recently we have frequently heard that Georgia should pay more attention to development of work force skills. In your opinion, how can the skills and knowledge be approximated to market demand in a short while?

– Work force skills is one of the challenges for Georgia. This is Georgia’s structural problem, solution of which will take time, may be even years. It is crucial that education complies with the market demand. You will have to work a lot in this direction. Accessibility of loans and long-term financing is also important for development of small and medium businesses, which will in their turn create more jobs in the country.

– In your opinion, does the present political situation in Georgia facilitate sustainable development?

– I don’t see particular political instability in Georgia. Georgia’s political system works, it will always have ups and downs, but as a whole, this political system works. It is important that in this country we can see the willingness to develop. This is critical for us.

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