[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108795-en":3,"doc-seo-108795-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},108795,687197207057,"Sage","https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0",8,"Research & Report","COUNTRY PRIVATE SECTOR DIAGNOSTIC - Unlocking Private Sector Opportunities to Achieve Georgia’s Full Potential - Executive Summary - December 2023","Georgia has strong potential to return to a solid pre-COVID-19 growth trajectory, supported by rapid, broad-based recovery and a dynamic private sector driving GDP, formal employment, and exports. Projections for 2024–25 place growth near potential, but risks include weaker trading-partner growth, tighter global financial conditions, lower external inflows, and elevated commodity prices. Structural constraints persist in weak productivity gains, limited high-quality job creation, stagnant total factor productivity, and skill and learning barriers, alongside population decline from low fertility and outmigration. The Government’s 2021–24 agenda emphasizes competitiveness, local production and exports, and domestic and foreign investment.","Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized  \nPublic  \nCOUNTRY PRIVATE SECTOR DIAGNOSTIC  \nCREATING MARKETS IN GEORGIA  \nUnlocking Private Sector Opportunities to Achieve Georgia’s Full Potential  \nExecutive Summary  \nDecember 2023  \nAbout IFC  \nIFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, [visit www.ifc.org](visit www.ifc.org).  \nFor more information, [visit www.ifc.org](visit www.ifc.org).  \n© International Finance Corporation 2023. All rights reserved.  \n2121 Pennsylvania Avenue, N.W.  \nWashington, D.C. 20433 [www.ifc.org](www.ifc.org)  \nThe material in this work is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. IFC does not guarantee the accuracy, reliability or completeness of the content included in this work, or for the conclusions or judgments described herein, and accepts no responsibility or liability for any omissions or errors (including, without limitation, typographical errors and technical errors) in the content whatsoever or for reliance thereon. The findings, interpretations, views, and conclusions expressed herein are those of the authors and do not necessarily reflect the views of the Executive Directors of the International Finance Corporation or of the International Bank for Reconstruction and Development (the World Bank) or the governments they represent.  \nCover Photos: Cover page, Gladskikh Tatiana/Shutterstock  \nEXECUTIVE SUMMARY  \nGeorgia has strong potential to return to a pre-COVID-19 pandemic solid economic growth trajectory. The country’s gross domestic product (GDP) growth averaged  \n5.3 percent from 2010–19 but suffered one of the largest contractions in Europe and Central Asia in 2020 (6.8 percent GDP) due to heavy reliance on the service industry and tourism that made Georgia’s economy vulnerable to the economic consequences of the pandemic. Still, Georgia’s economy has proved to be resilient in the wake of the pandemic and the resulting deterioration of global supply chains. The economic rebound was quite rapid and broad-based: economic growth reached 10.5 percent and 10.1 percent in 2021 and 2022, respectively. Georgia’s dynamic private sector contributed more than 86 percent of GDP, about 81 percent of formal employment, and the bulk of export earnings in 2022. In addition, the poverty rate at US$6.85 per capita declined from 72 percent in 2010 to 52.2 percent in 2022.  \nOver 2024–25, economic growth is projected to converge to its potential of about 5 percent per year, supported by continued strong private consumption; robust investments, including in infrastructure; and a more favorable external environment.  \nDownside risks to this scenario include weaker trading partner growth, tighter global financial conditions, lower external inflows, and sustained high global commodity prices.  \nDespite positive recent trends, structural challenges persist, notably weak productivity growth and limited high-quality job creation. During the past decade, growth in Georgia has been driven by capital accumulation, while the contribution of human capital has been modest, and the contribution of labor has declined. Firm-level analysis reveals that while capital has deepened and labor productivity has improved, total factor productivity has been stagnant across sectors (except for construction). The share of employment in agriculture declined from 48 percent ","cbCaieTlqZRys7PK","https://ap.wps.com/l/cbCaieTlqZRys7PK","pdf",765209,3,1,19,"English","en",105,"# Executive Summary\n## Macroeconomic outlook and recovery\n## Structural challenges and constraints\n## Government priorities and reforms","[{\"question\":\"What growth trajectory does the report expect for Georgia after COVID-19?\",\"answer\":\"Georgia is projected to converge to potential growth of about 5% per year over 2024–25, supported by private consumption and robust investments.\"},{\"question\":\"Which risks could derail the projected outlook?\",\"answer\":\"Risks include weaker growth among trading partners, tighter global financial conditions, lower external inflows, and sustained high global commodity prices.\"},{\"question\":\"What structural challenges limit private sector growth in Georgia?\",\"answer\":\"Challenges include weak productivity growth, limited high-quality job creation, stagnant total factor productivity across sectors (except construction), shortages of modern skills, poor learning outcomes, and population decline due to low fertility and outmigration.\"}]",1784473980,48,{"code":4,"msg":31,"data":32},"ok",{"site_id":25,"language":24,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":28},"country-private-sector-diagnostic-unlocking-private-sector-opportunities-to-achieve-georgias-full-potential-executive-summary-december-2023","",{"@graph":36,"@context":85},[37,53,68],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,48,50],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":47},"https://docshare.wps.com/document/","Document",2,{"item":49,"name":12,"@type":43,"position":20},"https://docshare.wps.com/document/research-report/",{"item":51,"name":13,"@type":43,"position":52},"https://docshare.wps.com/document/country-private-sector-diagnostic-unlocking-private-sector-opportunities-to-achieve-georgias-full-potential-executive-summary-december-2023/108795/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":24,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":41,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What 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