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The advent of globalization in recent decades has had a profound impact on the development path of countries around the globe. The rapid development of ICT technologies coupled with global tendencies to reduce tariff and non-tariff barriers since WWII made possible economic integration between countries on the scale never imagined before. The integration of production processes gave rise to the concepts of offshoring, outsourcing, vertical specialization and brought a new set of opportunities for developing economies. The participation of developing countries in Global and Regional Value Chains (GVCs and RVCs) created new opportunities for firms (and entire countries) to specialize in tasks and business functions rather than specific products, fully employ their production potential and become a part of the international production networks.
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The unique cross-country study compares interest rates for a set of retail credit products in Georgia and select transition economies. Preliminary findings suggest that the cost of credit in Georgia is lower than in the CIS countries which have been covered by the survey (namely, Kazakhstan, Russia, Ukraine and in many cases Armenia) while it’s somewhat higher compared to a cohort of Central and Eastern European Countries (CEE) - this is true especially for local currency loans. However, when adjusted for cost of funds, interest rates on retail products in Georgia come out to be among the lowest, even compared to the CEE countries.
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This project identifies sectors and subsectors of the Georgian economy which have a higher potential for growth and which the Georgian Government should prioritise when designing strategies to attract foreign investors and increase EU export levels post DCFTA. This project intends to help the Georgian Government foster higher rates of investment and job creation and to support the inclusive growth of the economy.
The objective of this study was to identify all sectors in which Georgian companies were or had the potential to be internationally successful. Study was prepared by using available statistical data, supplementary published sources and field interviews. We have analyzed all sectors in the Georgian economy including services, creative industries and start-ups due to their increasing prevalence and importance in the global economy. As data on services, creative industries and start-ups were not available we analyzed these sectors based on data collected during field interviews and fragmentary published sources that enabled us to create a more comprehensive profile of these sectors.
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