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Forbes: Georgia is Ranked 52nd in the List of Best countries for Business

Forbes publishes annual rating of the best countries for business. Georgia is ranked 52nd this year. The position of Georgia went 9 positions down compared to the previous year.

Forbes notes that the main driving force of Georgia’s economic activity is to produce agricultural products, including hazelnut, citrus and grapes. The newspaper writes that Georgia is almost fully implements natural gas and oil imports. Besides, Georgia has a large hydropower sector, which produces electricity.

“Reconstruction of hydropower plants and replacement of Russian gas with Azerbaijan, Georgia has overcome the chronic energy deficit and delays in the supply of natural gas,” – writes Forbes. The edition notes that the economy of Georgia grew rapidly in 2006-2007, which slowed down during 2008 war and the global economic crisis.

“Economic growth was accelerated in 2010-2016, but the volume of direct foreign investments has not been fully improved,” the publication reads and notes that Georgia has received a positive assessment from the World Bank in terms of tax liberalization.

The positions of Georgia in various criteria are as follows:

Freedom of trade – 6th place

Monetary freedom – 81st place

Property rights – 88th place

Innovations – 117th place

Technologies – 69 th place

Investor protection – 2nd place

Corruption – 38th place

Personal freedom – 65th place

Tax Burden – 22 th place

Forbes creates data based on various organizations, including Freedom House, Heritage Foundation, Property Rights Alliance, United Nations, Transparency International, World Bank Group and World Economic Forum.
In total, 153 countries of the world are included in the rating. Great Britain takes the first place.