Below are select highlights for the data included in the profile.
- In the latest Doing Business Report (2012), Georgia is ranked 12th out of 185 economies, recording a 3 point increase compared to last year. This increase reflects a 38 point jump in the Getting Electricity indicator.
- According to the latest Enterprise Surveys (2008), the top 3 obstacles faced by firms in Georgia are Access to Finance, Political Instability, and Electricity. 41.8% of firms report having a line of credit or loan from a financial institution, compared to 43.7% for the region. With regard to the lack of electricity, firms also report that power outages last 8.4 hours, compared to 4.7 hours for the region and 4.8 hours for all countries surveyed.
- Georgia is one of the most open countries to foreign equity ownership as measured by the Investing Across Sectors indicators. All of the 33 sectors covered by the indicators are fully open to foreign investment. There are neither sectors with monopolistic or oligopolistic market structures nor any perceived difficulties in obtaining any required operating licenses. With only 4 procedures and 4 days, Georgia (Tbilisi) is among the fastest countries in the world in terms of establishing a foreign-owned limited liability company (LLC).
- Georgia’s economic freedom score is 69.4, making its economy the 34th freest in the 2012 Index. Its overall score is 1.0 point lower than last year, with declining ratings for corruption, government spending, business freedom, and monetary freedom. Georgia is ranked 16th out of 43 countries in the Europe region, and its overall score is higher than the world average.*
* Source: The Heritage Foundation Index of Economic Freedom, http://www.heritage.org/index/