Georgia Still among Top 10 Reformers in Doing Business 2013
25 October, 2012
Georgia Still among  Top 10 Reformers in  Doing Business 2013

Georgia ranks number ninth in Doing Business 2013 - the annual global business outlook of the International Finance Corporation of the World Bank. 

Released on October 23, 2012, Doing Business 2013 report finds Poland was the top global improver in Smarter Regulations for Small and Medium-Size Enterprises past year. The report accentuates that since 2005, the Eastern Europe and Central Asia region leads the world in enhancing the business climate for local firms – the region has implemented nearly 400 institutional

and regulatory reforms since 2005. The region overtook East Asia and the Pacific to become the world’s second most business-friendly, after OECD high-income economies.

The report shows Georgia joining the top 10 economies in the global ease of doing business ranking ninth for 2013 report. Georgia is also the world’s top improver since 2005. With 35 institutional and regulatory reforms since then, Georgia has improved in all areas measured by Doing Business. In the past year alone it improved in six areas, more than any other economy in the world.

Georgia made enforcing contracts easier by simplifying and speeding up the proceedings for commercial disputes. It strengthened its secured transactions system through an amendment to the civil code allowing a security interest to extend to the products, proceeds, and replacements of collateral. It made getting electricity easier by simplifying the process of connecting new customers to the distribution network and reducing connection fees. It made paying taxes easier for companies by enhancing the use of electronic systems and providing more services to taxpayers.

In addition, Georgia expedited the process of resolving insolvency by establishing or tightening time limits for all insolvency-related procedures, including auctions. Finally, it reduced the time to export and import by creating customs clearance zones.

Singapore retains its number one slot in the global ranking for the seventh consecutive year. Joining it on the list of the 10 economies with the most business-friendly regulations are Hong Kong SAR, China, New Zealand, the United States, Denmark, Norway, the United Kingdom, the Republic of Korea, Georgia, and Australia.

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