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Presentation of the Invest in Georgia campaign in London during the Forum Road Show in London, 31 October 2007.
Photo: Invest in Georgia

Suggested readings

Click here for "And the winner is Georgia" campaign.

The Cato Institute together with the New Economic School of Georgia organized a libertarian event in Tbilisi in 2006. Co-organizers included the Atlas Economic Research Foundation, the Heritage Foundation, the Friedrich Naumann Foundation and others. For more see Freedom, Commerce, and Peace: A Regional Agenda.

To get a sense of Georgia's economic improvements, please see a set of IMF reports on developments since 2004, at the IMF's Georgia website.

IMF: "Georgia: Fifth Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria" (2010). Pages 27 onwards include macroeconomic indicators.

IMF: "Georgia: First Review Under the Stand-By Arrangement-Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia" (2009):

"Real GDP growth, which had been impressive and broad based until June 2008, is projected to become negative in the second half of 2008, following a sharp decline in private demand driven by lower inflows and the shock to confidence. Growth in 2008 is projected at 3½ percent." (p. 8)

IMF: "Georgia: Sixth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria - Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia" (2007):

"Fiscal performance saw a spectacular improvement, with tax revenues increasing from 14.5 percent of GDP in 2003 to almost 22 percent in 2006, despite a reduction in rates and the elimination of a number of taxes. Combined with privatization proceeds (which averaged 4.2 percent of GDP in 2005–06), this allowed the authorities to clear arrears, increase pensions, and upgrade defense capacity and economic infrastructure, while reducing public debt from close to 50 percent of GDP in 2003 to 22 percent in 2006." (p. 4)

IMF: "Georgia: Poverty Reduction Strategy Paper Progress Report" (2005)

IMF: "Georgia: Ex Post Assessment of Georgia's Performance Under Fund-Supported Programs--Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Georgia" (2004):

"Although Georgia undertook significant privatization during the 1990s (virtually all small firms and over 1,000 medium and large ones were privatized) the program overlooked privatization of many large enterprises with the exception of the Tbilisi electricity distribution company…some progress was registered in 2003 with the privatization of Azoti and Zestafoni Ferro plants and the introduction of private management in key electricity sector entities, as mentioned above." (p. 8)

This paper was published by the IMF in November 2003, just days before the Saakashvili's team ousted Shevardnadze from power: "Georgia: 2003 Article IV Consultation--Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion" (2003)

"The authorities need to redouble their efforts to tackle pervasive corruption and tax evasion. This will be key for generating the resources necessary to discharge core government obligations and fostering a business climate conductive to higher private investment" (p. 5)

For selected IMF papers from the pre-Rose Revolution period, please see:

On industry in Georgia see World Bank: "Georgia: A blueprint for reforms" (1993):

"Prior to World War II, the industrial sector in Georgia was small, and concentrated in food processing, mining, light industries (particularly textiles), and woodworking. The major thrust of subsequent industrialization under the auspices of the Soviet central government focused primarily on rapid development of military production, and thereafter on electro-machinery building, and heavy industry."

April 2010

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