The program also emphasizes Georgia’s geographic potential as a trade and logistics hub along the New Silk Road linking Asia and Europe via the Caucasus. It stresses the government’s commitment to property right protection and business-friendly policies, such as low taxes, but also pledges to invest in human capital and to strive for inclusive growth across the country. The Georgian Government Program 2021-2024 Toward Building a European State, published in December 2020, outlines economic policy priorities to enable the country to quickly recover and return to its economic position in 2019-2020. Georgia’s governance indicators typically exceed Europe and Central Asia and upper-middle-income country averages.” According to the World Bank’s assessment, Georgia “has a sound macroeconomic framework, an attractive business environment, and robust public financial management arrangements that are expected to support the post-COVID recovery. Georgia’s economy contracted 6 percent in 2020 with particularly steep losses in the tourism sector. The COVID-19 pandemic has reversed some of the past gains and has placed significant pressure on the domestic currency and local economy. Fiscal and monetary policy are focused on low deficits, low inflation, and a floating real exchange rate, although the latter has been affected by regional developments, including sanctions on Russia, and other external factors, such as a stronger dollar. Georgia ranks seventh in the 2020 World Bank’s Ease of Doing Business index, twelfth in the Heritage Foundations’ 2021 Economic Freedom Index, eighth in the Economic Freedom of the World of Frazer Institute, and 45th in Transparency International’s Corruption Perception Index. Average growth rate was over 5 percent from 2005 through 2019, and its rankings improved impressively in global business, governance, corruption, and other indexes. While it is susceptible to global and regional shocks, the country has made sweeping economic reforms since 1991 that have produced a relatively well-functioning and stable market economy. Georgia, located at the crossroads of Western Asia and Eastern Europe, is a small but open market that derives benefits from international trade, tourism, and transportation. Under Secretary for Public Diplomacy and Public Affairs.Bureau of South and Central Asian Affairs.Bureau of International Organization Affairs.Bureau of European and Eurasian Affairs.Bureau of East Asian and Pacific Affairs.Office of Management Strategy and Solutions.Bureau of Overseas Buildings Operations.Bureau of Information Resource Management.Bureau of the Comptroller and Global Financial Services.Office of the Science and Technology Adviser.Bureau of Oceans and International Environmental and Scientific Affairs.Bureau of Economic and Business Affairs.Under Secretary for Economic Growth, Energy, and the Environment.Economic Growth, Energy, and Environment.Office to Monitor and Combat Trafficking in Persons.Office of the Special Envoy To Monitor and Combat Antisemitism.Office of International Religious Freedom.Bureau of Population, Refugees, and Migration.
Bureau of International Narcotics and Law Enforcement Affairs.Bureau of Democracy, Human Rights, and Labor.Bureau of Conflict and Stabilization Operations.Under Secretary for Civilian Security, Democracy, and Human Rights.Civilian Security, Democracy, and Human Rights.Bureau of International Security and Nonproliferation.