The FINANCIAL -- European Chamber Best European Countries for Business 2017 ranking put Georgia on the 20th position. In 2017, compared to 2016, Georgia’s position is higher by 4 positions while its score is increased up to 68.6 from the last year’s 64.7.
According to this assessment, Georgia outpaces such European countries as Spain, Italy, Republic of Czech, Slovakia, Bulgaria, Hungary, Greece and others. It is also noteworthy that, according to the rating, Georgia is significantly ahead of countries of the region such as Belarus, Turkey, Armenia, Kazakhstan, Moldova, Russia, Azerbaijan and Ukraine.
The European Chamber ranked 46 European countries based on their business environment. The EuCham score, used for the ranking, originates from the average of the World Bank’s Distance To Frontier score (DTF) and Transparency International’s Corruption Perception Index (CPI). The EuCham score, used for the ranking, is the weighted average of the CPI and the DTF scores (50% weight each). The score is an assessment of the business environment, legislation, economic policy, social climate and business regulations in the country.
It is worth mentioning that Georgia is at the 16th place in the World Bank Doing Business Ranking and the 44th position in the Transparency International’s Corruption Perception Index (CPI).
This progress clearly illustrates how effective the on-going and initiated reforms by the Government of Georgia, according to Ministry of Economy and Sustainable Development of Georgia.
Within the framework of the 4-point reform plan, the Government continues to work on further improvement of the Georgian business and investment environments, which will facilitate even more rapid development of the private sector and eventually, accelerate the country’s economic growth.