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Job creation and productivity growth are at the forefront of the global development agenda. The central challenge today for the government of Georgia is to find sources of long-term economic growth, particularly through private sector development. This study seeks to identify determinants of high-growth entrepreneurial activity. The study uses data from the new 2012 World Bank Entrepreneurship Survey conducted to gauge new firm growth in the formal sector in Georgia and data from World Bank Enterprise Surveys to analyze innovative activity in existing firms. It includes detailed case study analyses to complement these findings. The study finds that while a number of reforms have been undertaken to alleviate the business environment, there remain a number of constraints that inhibit the growth of entrepreneurial and innovative activity. These constraints include a major skills mismatch, insufficient research and development and ineffective industry-research linkages. While outlining broad policy directions in areas namely improving business environment, access to finance, developing skills, increasing access to markets, incentivizing greater firm level research and development, and raising awareness it lays out some priority areas that the government could embark on. The government could remove bottlenecks that impede entrepreneurialism in the general business environment and design new financial policy instruments to foster entrepreneurship and innovation. We hope that the issues discussed and the dialogue initiated during the course of this study would lend itself to policy design to foster high-growth entrepreneurship with a view to higher growth and job creation in this highly globalized world.

Business & Economics --- Economic Theory --- Entrepreneurship --- Economic development --- Development, Economic --- Economic growth --- Growth, Economic --- Entrepreneur --- Intrapreneur --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Capitalism --- Business incubators --- Georgia (Republic) --- An tSeoirsia --- Cheorchia (Republic) --- Đurđija (Republic) --- Georgän (Republic) --- Georgian tasavalta --- Géorgie (Republic) --- Georgien (Republic) --- Georgija (Republic) --- Geörgje (Republic) --- Giorgia (Republic) --- Gjeorgjia (Republic) --- Gruusia (Republic) --- Grúzia (Republic) --- Gruzie (Republic) --- Gruzii͡a (Republic) --- Gruzija (Republic) --- Gruzijas Republika --- Gruzínská republika --- Gruzínsko (Republic) --- Gruzio (Republic) --- Gruzja (Republic) --- Gruzyah (Republic) --- Gürcistan (Republic) --- Gürcüstan (Republic) --- Gu̇rzhīstan (Republic) --- Hruzii͡a (Republic) --- Jorjia (Republic) --- Kartvelio (Republic) --- Lýðveldið Georgia --- Pow Grousi --- Republic of Georgia --- República de Georgia --- Republik Georgia --- Republika Gruzija --- Respublika Hruzii͡ --- Sakʻartʻvelo (Republic) --- Sakʻartʻvelos Respublika --- tSeoirsia (Republic) --- Xeorxia (Republic) --- Xorxa (Republic)

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We compare and contrast the economic growth performance of Estonia and Georgia since the collapse of the Soviet Union in 1991 in an attempt to understand better the extent to which the growth differential between the two countries can be traced to increased efficiency in the use of capital and other resources (intensive growth) as opposed to brute accumulation of capital (extensive growth). On the basis of a simple growth accounting exercise, we infer that advances in education at all levels, good governance, and institutional reforms have played a more significant role in raising economic output and efficiency in Estonia than in Georgia which remains marred by various problems related to weak governance in the public and private spheres.

Economic development --- Estonia --- Georgia (Republic) --- Economic conditions --- Social conditions --- Development, Economic --- Economic growth --- Growth, Economic --- Republic of Georgia --- Sakʻartʻvelo (Republic) --- Sakʻartʻvelos Respublika --- Gruzyah (Republic) --- Cheorchia (Republic) --- Xorxa (Republic) --- Jorjia (Republic) --- Gürcüstan (Republic) --- Gruzie (Republic) --- Gruzínská republika --- Georgien (Republic) --- República de Georgia --- Kartvelio (Republic) --- Gruzio (Republic) --- Gruusia (Republic) --- Georgian tasavalta --- Lýðveldið Georgia --- Géorgie (Republic) --- Geörgje (Republic) --- An tSeoirsia --- tSeoirsia (Republic) --- Xeorxia (Republic) --- Republik Georgia --- Gruzija (Republic) --- Grúzia (Republic) --- Pow Grousi --- Gruzijas Republika --- Gruzja (Republic) --- Giorgia (Republic) --- Gruzínsko (Republic) --- Republika Gruzija --- Đurđija (Republic) --- Gürcistan (Republic) --- Georgän (Republic) --- Gjeorgjia (Republic) --- Грузия (Republic) --- Gruzii︠a︡ (Republic) --- Грузија (Republic) --- Грузія (Republic) --- Hruzii︠a︡ (Republic) --- Республіка Грузія --- Respublika Hruzii︠a︡ --- Γεωργία (Republic) --- Gu̇rzhīstan (Republic) --- Georgija (Republic) --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Georgian S.S.R. --- Banks and Banking --- Labor --- Macroeconomics --- Public Finance --- National Government Expenditures and Related Policies: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Labor Economics: General --- Education: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Labour --- income economics --- Public finance & taxation --- Education --- Banking --- Public expenditure review --- Human capital --- Expenditures, Public --- Labor economics --- Banks and banking --- Georgia

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This paper examines the determinants of net interest margins in four regional blocks in Sub-Saharan Africa and one comparator block in the Eastern Caribbean. Using bank-level data, we find that countries with a high level of operating costs, a high ratio of equity to total assets and high treasury bill interest rates have higher net interest margins. Moreover, high operating costs are associated with low measures of institutional quality and a small size of bank operations. We find support for the view that market structure is also partly responsible for high net interest margins in Sub-Saharan Africa. If interpreted causally, high operating costs and a high ratio of equity to total assets and, indirectly, institutional factors such as the rule of law, are the most important factors in accounting for high interest margins in the East African Community, relative to other regions.

International finance. --- Banks and banking --- Interest rates --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- International monetary system --- International money --- International economic relations --- Georgia (Republic) --- Republic of Georgia --- Sakʻartʻvelo (Republic) --- Sakʻartʻvelos Respublika --- Gruzyah (Republic) --- Cheorchia (Republic) --- Xorxa (Republic) --- Jorjia (Republic) --- Gürcüstan (Republic) --- Gruzie (Republic) --- Gruzínská republika --- Georgien (Republic) --- República de Georgia --- Kartvelio (Republic) --- Gruzio (Republic) --- Gruusia (Republic) --- Georgian tasavalta --- Lýðveldið Georgia --- Géorgie (Republic) --- Geörgje (Republic) --- An tSeoirsia --- tSeoirsia (Republic) --- Xeorxia (Republic) --- Republik Georgia --- Gruzija (Republic) --- Grúzia (Republic) --- Pow Grousi --- Gruzijas Republika --- Gruzja (Republic) --- Giorgia (Republic) --- Gruzínsko (Republic) --- Republika Gruzija --- Đurđija (Republic) --- Gürcistan (Republic) --- Georgän (Republic) --- Gjeorgjia (Republic) --- Грузия (Republic) --- Gruzii︠a︡ (Republic) --- Грузија (Republic) --- Грузія (Republic) --- Hruzii︠a︡ (Republic) --- Республіка Грузія --- Respublika Hruzii︠a︡ --- Γεωργία (Republic) --- Gu̇rzhīstan (Republic) --- Georgija (Republic) --- Georgian S.S.R. --- Economic conditions. --- Economic policy. --- E-books --- Banks and Banking --- Econometrics --- Investments: General --- Industries: Financial Services --- Investments: Stocks --- Information and Market Efficiency --- Event Studies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Monetary Policy --- Estimation --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Econometrics & economic statistics --- Financial services law & regulation --- Investment & securities --- Estimation techniques --- Loans --- Loan loss provisions --- Treasury bills and bonds --- Econometric analysis --- Financial regulation and supervision --- Stocks --- Econometric models --- State supervision --- Government securities --- South Africa

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KEY ISSUES Context. Georgia’s previous Fund-supported program, which expired in April 2014, met most of its objectives, in particular by reducing Georgia’s external and fiscal imbalances. The program also helped preserve the central bank’s independence after the 2012–13 political transition and strengthened its inflation-targeting framework. However, over time it proved increasingly difficult to reconcile the program’s fiscal objectives with the new government’s policies of increasing social spending, especially after the economy slowed and revenues fell short in 2013. Also, despite the progress achieved under the program, macroeconomic challenges remain. The current account deficit and external debt are high, leaving the economy susceptible to shocks. Strong and inclusive growth is needed to reduce widespread poverty and high unemployment. More recently, the external outlook has worsened, opening up a balance of payments need in 2014. Program and its objectives. To address these challenges, the authorities request a new three-year SDR 100 million (67 percent of quota) Stand-by Arrangement to address an external financing need in 2014 related in part to the realignment of fiscal policies to more social spending. The program will facilitate Georgia’s external adjustment, reduce key macroeconomic vulnerabilities, rebuild policy buffers, and support growth. Program policies. In 2014, the program balances supporting domestic demand with the need to safeguard external stability. To reduce the output gap, fiscal policy provides a measured stimulus, while monetary policy remains accommodative. However, the authorities will tighten policies and allow the exchange rate to adjust if balance of payments pressures were to intensify. From 2015, the fiscal deficit will be reduced to keep public debt low and to create space for countercyclical policies. This consolidation will rely on raising revenue by broadening the tax base and containing current expenditure, while protecting pro-poor spending and public investment. Monetary policy will aim at price stability through improved inflation targeting. The program will seek to rebuild international reserves while encouraging greater exchange rate flexibility. Strengthening of the financial sector will continue, helped by the recommendations of the recent FSAP mission. The program also aims to contain risks from quasi-fiscal activities and support improvements in tax administration, and will complement the authorities’ reforms to strengthen the business environment, improve education and training, create jobs and reduce poverty and inequality.

International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Georgia --- State of Georgia --- Peach State --- Empire State of the South --- جورجيا --- Jūrjiyā --- Cheorchia --- Estato de Cheorchia --- Jôrg·ie --- Corciya --- Джорджия --- Dzhordzhii︠a︡ --- Штат Джорджыя --- Shtat Dz︠h︡ordz︠h︡yi︠a︡ --- Джорджыя --- Dz︠h︡ordz︠h︡yi︠a︡ --- Georgie --- Jóojah Hahoodzo --- Τζόρτζια --- Tzortzia --- Πολιτεία της Τζόρτζια --- Politeia tēs Tzortzia --- Georgio (State) --- État de Géorgie --- Yn Çhorshey --- Çhorshey --- Xeorxia --- Estado de Xeorxia --- Khièu-tshṳ-â --- Jorji --- 조지아 주 --- Chojia-ju --- 조지아주 --- Chojiaju --- 조지아 --- Chojia --- Keokia --- Jorjiạ --- ג'ורג'יה --- G'org'iyah --- מדינת ג'ורג'יה --- Medinat G'org'iyah --- Jeorji --- Djòdji --- Džordžija --- Џорџија --- Жоржиа --- Zhorzhia --- Жоржиа Муж Улс --- Zhorzhia Muzh Uls --- ジョージア州 --- Jōjia-shū --- Jōjiashū --- ジョージア --- Jōjia --- Delstaten Georgia --- Jorjiya --- Georgia suyu --- Джорджія --- Штат Джорджія --- Shtat Dz︠h︡ordz︠h︡ii︠a︡ --- Giorgiye Shitati --- דזשארדזיע --- דזשארדזשיע --- Ìpínlẹ̀ `Georgia --- Džuordžėjė --- 喬治亞州 --- Qiaozhiya Zhou --- 喬治亞 --- Qiaozhiya --- US-GA --- GA --- Economic conditions. --- Economic policy. --- E-books --- Finance --- Funding --- Funds --- Economics --- Currency question --- Georgia (Republic) --- Republic of Georgia --- Sakʻartʻvelo (Republic) --- Sakʻartʻvelos Respublika --- Gruzyah (Republic) --- Cheorchia (Republic) --- Xorxa (Republic) --- Jorjia (Republic) --- Gürcüstan (Republic) --- Gruzie (Republic) --- Gruzínská republika --- Georgien (Republic) --- República de Georgia --- Kartvelio (Republic) --- Gruzio (Republic) --- Gruusia (Republic) --- Georgian tasavalta --- Lýðveldið Georgia --- Géorgie (Republic) --- Geörgje (Republic) --- An tSeoirsia --- tSeoirsia (Republic) --- Xeorxia (Republic) --- Republik Georgia --- Gruzija (Republic) --- Grúzia (Republic) --- Pow Grousi --- Gruzijas Republika --- Gruzja (Republic) --- Giorgia (Republic) --- Gruzínsko (Republic) --- Republika Gruzija --- Đurđija (Republic) --- Gürcistan (Republic) --- Georgän (Republic) --- Gjeorgjia (Republic) --- Грузия (Republic) --- Gruzii︠a︡ (Republic) --- Грузија (Republic) --- Грузія (Republic) --- Hruzii︠a︡ (Republic) --- Республіка Грузія --- Respublika Hruzii︠a︡ --- Γεωργία (Republic) --- Gu̇rzhīstan (Republic) --- Georgija (Republic) --- Georgian S.S.R. --- Economic conditions --- Politics and government. --- Banks and Banking --- Exports and Imports --- Foreign Exchange --- Public Finance --- Industries: Financial Services --- Macroeconomics --- Debt --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- Current Account Adjustment --- Short-term Capital Movements --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International economics --- Public finance & taxation --- Banking --- Currency --- Foreign exchange --- Public debt --- External debt --- Current account deficits --- Loans --- International reserves --- Balance of payments --- Financial institutions --- Central banks --- Debts, Public --- Debts, External