08 September 2010
About Georgia
Territory 69,700 km²
Population 4.7 million
Dominated ethnic group- Georgians.
Population 4.7 million
Dominated ethnic group- Georgians.
Georgia is a representative democracy. It is currently a member of the United Nations, the Council of Europe, the World Trade Organization, the Organization of the Black Sea Economic Cooperation, and GUAM Organization for Democracy and Economic Development. The country seeks to join NATO and, in the longer term, accession to the European Union.
Since early 2000s visible positive developments have been observed in the economy of Georgia. In 2007 Georgia's real GDP growth rate reached 12%, making Georgia one of the fastest growing economies in Eastern Europe. The World Bank dubbed Georgia "the number one economic reformer in the world" because it has in one year improved from rank 112th to 18th in terms of ease of doing business. However, the country has high unemployment rate of 12.6% and has fairly low median income compared to European countries.
Economic Indicators
Consistent and sustainable macroeconomic policies pursued by the Georgian Government have produced positive results as evidenced by strong economic growth trends.
IMF 2007 estimates place Georgia's nominal GDP at US$10.3 billion. Georgia's economy is becoming more devoted to services (now representing 65% of GDP), moving away from agricultural sector (10.9%).
IMF 2007 estimates place Georgia's nominal GDP at US$10.3 billion. Georgia's economy is becoming more devoted to services (now representing 65% of GDP), moving away from agricultural sector (10.9%).
