1 month ago- Georgia -
Georgia Levels Up, Now Ranks 6th in World for Doing Business
The World Bank’s Doing Business 2019 report was published October 31, Georgia attained sixth out of 190 positions in the world, three places up on last year. The report ranks countries by, as the name suggests, ease of doing business, as well as economic development, this is achieved by measuring a countries regulations that enhance business activity and those that constrain it.
Georgia received a score of 83.28 out of a possible 100, this scored well above the region, Europe and Central Asia 72.34, the closest ranked neighboring country was Azerbaijan at 25 with a score of 78.64. Georgia’s highest scoring category of the ten listed was Starting a Business, due to Georgia’s progressive and simplified registration procedures, low costs, and two-day turnarounds, the country received 99.34 and ranked second in the world after New Zealand, which ranked first in the world for the entire report.
In response to the fantastic achievement, Georgian Prime Minister, Mamuka Bakhtadze hosted a press conference inviting the Regional Director of the World Bank Mercy Tembon to announce the results of the new report. “This means that Georgia is the most credible economy of Europe and Central Asia. It has maintained its strong position in Top 10 Economies” Tembon said.
Trembon went on to explain that Georgia’s consistently improving rankings, ranked 16th in 2016, is a testimony to progressive reforms and programs that improve the business environment in the country. “It has become easier to incorporate a business by cutting or simplifying the post-registration procedures, tax registration, social security registration or licensing. Payment of taxes has become simpler by introducing new or revised tax laws, by simplifying compliance processes and decreasing the number of tax filings or payments.”
PM Bakhtadze said the improved ranking is “a tremendous step” toward integrating Georgia into the global economy and proves that reforms have been successful in the economic development of the country.
The PM doesn’t want the country rest on its laurels though, “You may know what the vision of our Government is: Georgia should be in top 5 in all the international ratings... Our main goal is to make Georgia more effectively integrated to the world economy. It is essential to transform Georgia into a regional leader and economic hub. Otherwise, we will find it hard to overcome the economic challenges that we face”,
The Minister of Finance, Ivane Machavariani noted the higher rank will attract international business, “This is a very important rating that will make a positive influence on the image of our country and this will be converted in investments. The very international ratings have played a crucial role in investments attracted to Georgia so far. Ultimately, our objective is to get in the top 5 of Doing Business rating.”
The report comes less than a month after the World Bank selected Georgia to be one of 20 countries in which to implement their Human Capital Project. The Human Capital Project is a new initiative for global effort to accelerate more and better investments in people for greater equity and economic growth. Machavariani spoke at the Human Capital Summit, October 11, in Indonesia, thanking the World Bank for initiating the project.
The World Bank’s Top Ten are as Follows:
- New Zealand
- Hong Kong
- United States
- United Kingdom