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Georgia Named among 12 Best Countries for Starting Business

The Reboot Digital Agency has named 12 best countries for starting a business, including Georgia ranks fourth. The agency has used the World Bank’s Doing Business indicators, as well as indicators reflecting the minimum capital for starting business and the time for registering a new business.

Georgia’s rating point is 97.84, up 2.12 points compared to the previous year. Hong Kong and Canada surpass Georgia, while New Zealand ranks first in the rating.

In 2017 Georgia gained 7 positions in the World Bank’s Doing Business rating, compared to 2016 and moved to the 9th place with 82 point. The World Bank’s new report reads that Georgia ranks 9th among the world’s 20 leading countries and the country has carried out at least 47 reforms since 2003 for improving doing business indicators.

According to the organization indicators, in terms of doing business New Zealand ranks first (99.96%), Canada is second (98.23%), Hong Kong is third with 98.14%, Georgia ranks fourth (97.84%), Jamaica is fifth with 97.3%, Singapore is 6th with 96.49%, Australia is 7th with 96.47%, Ireland is 8th with 95.91%, South Korea is 9th with 95.83%, Kosovo is 10th with 95.67%, Uzbekistan is 11th with 95.54% and Estonia ranks 12th with 95.15%.

It should be noted that in the 2018 Doing Business rating, Georgia ranks 9th and the country has gained 7 positions compared to 2017. In 2018 Georgia’s point was improved by 2.12 point (to 82.04 point) and the country moved to the 9th position from 16th position among 190 countries.

Georgia remains a leading country in Europe and Central Asia as it has taken significant steps in terms of better and more efficient regulations.

Compared to the previous year, in 2018 Georgia surpassed such countries as Sweden, Macedonia, Estonia, Finland, Australia, Taiwan (China), Latvia.

In the 2018 report, Georgia improved 5 indicators and maintained 4 indicators unchanged. The country has not worsened any indicator in the 2018 rating. The following indicators were improved:

  • Starting business – 4th position (8th position in 2017);
  • Electricity connection to the network – 30th position (39th position in 2017);
  • Protection of small shareholders – 2nd position (7th position in 2017);
  • Fulfillment of contracts – 7th position (16th position in 2017);
  • Resolution of insolvency cases – 57th position (106th position in 2017);

Over the past period, from Georgia’s successful international ratings, we should mention the report for tourism growth pace, under which Georgia ranks fourth among the world’s most rapidly growing tourism countries. According to the UN World Tourism Organization (UNWTO), in Georgia in 2017 the number of tourists rose by about 28% compared to the previous year and surpassed such countries as Italy, Spain and Turkey.

The rating is topped by Egypt, Togo and Vietnam. Iceland, Nepal and Palestine are among top 10 countries. In whole, in 2017 number of tourists rose by 6.8% compared to 2016 and this is the highest figure since 2009, including the major figure of tourists is recorded in Europe. Expenditures taken by international tourists have also risen by 5% to 1.34 billion USD.

Despite Georgia has recorded successful indicators in several international ratings, these advancements are not always reflected on population and their results do not frequently justify expectations. Frequently, countries, including Georgia, carry out a number of reforms and legislative amendments for improving positions in this or that specific rating. As a result, similar artificial efforts do not bring efficient benefits to population. At the same time, it should be noted that Georgia’s positive positioning in international ratings is important in a number of directions, including for upgrading Georgia’s global perception, attracting foreign investments, improving the image of our country and so on.

Consequently, it is an absolutely understanding and acceptable aspiration to improve positions in international ratings, however, the Authorities should not forget that the legislation should not be tailored to only investors and domestic entrepreneurs need wider support.