Georgia achieves remarkable progress in boosting competitiveness of its economy (Exclusive)
Baku, Azerbaijan, October 2
By Tamilla Mammadova – Trend:
Georgia has made remarkable progress in boosting the competitiveness of its economy, a representative of the Organization for Economic Co-operation and Development (OECD) told Trend.
"Last year, Georgia entered the top 10 countries in the latest World Bank Ease of Doing Business Ranking. The achievement highlights the continued efforts by the Georgian government to build well-functioning institutions that support economic growth", said OECD.
According to the organization, continued improvements in the enforcement of contracts, protection of property rights and implementation of e-government initiatives help Georgia to reach its economic potential.
"Despite the impressive progress, much work remains to be done. High levels of especially rural poverty and unemployment together with a large grey economy (estimated by the IMF at 53 percent of the GDP) undermine Georgia's growth potential", said the organization.
As noted, in terms of the institutional framework, the legal framework for competition law remains underdeveloped, undermining a level playing field for all economic actors.
"By providing guidance and evaluation, OECD continues to support the Georgian government to design and implement reforms that enhance the business environment, especially for small and medium-sized businesses. Much can yet be done in fields like education to make growth more inclusive", said the representative of the organization.
The Organization for Economic Co-operation and Development is an intergovernmental economic organization with 36 member countries. It was founded in 1961 to stimulate economic progress and world trade.