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eduction of state and private investments, the result of the undefined political situation in the
country after the 2012 election. The positive prognosis of the growth of GFP in 2014 the bank
connected to the two main factors: the stabilization of the political climate in the country and
improvement commercial relations with Russia. 6 According to the report, World Economic
Outlook, the International Monetary Fund reduced Georgia’s economic growth prognosis of
2015from 5% to 2%. Herewith, according to the Fund’s prognosis, in 2015 world economics will
increase by 3, 5%, the economics of Developed countries by 2, 4% and developing countries’
economic by 4, 3 %. 7
From the beginning of 2015 year the government of Georgia expected that the flow of
investments in the country would be hindered. This situation by the local experts is often
explained by the different macro circumstances and ignore the mistakes made during working
out of the investment policy as well as those made errors in the already established
environment that caused the lessen of the willingness of the foreign investors, the latter is
connected to the country’s innovation activity and it image formation.
According to UNCTD nowadays more lesser developed countries perform the policy in order to
attract foreign investments, which significantly increases the competitiveness among those
countries who attempt to attract direct flow of the foreign investments in their countries. 8
Georgia and other lesser developed countries should carry out much more active and
aggressive policy for attracting investments. The gaps in this direction should seriously worry
those who are responsible for working out the country’s nowadays investment policy.
In Georgia the investment flow is directly reflected on the country’s international relations of
the commercial economic. If we look through Georgia’s export-import dynamics from 2003 up
today (See Diagram 2) 9 we will see the tight link among country’s investment environment,
investments and international commercial economic. The dynamics is directly connected to the
changes in the country’s investment environment.
Export
Year Total EU
Countries
CIS
countries
2003 461,310.0 77,748.2 224,737.
5
2004 646,903.0 111,363. 327,638.
4
7
2005 865,455.6 165,160. 407,175.
2
5
2006 936,374.6 188,5 391,077.
5
2007 1
268,530. 461,895.
232,110.5 3
5
Rest
countries
158,824.
3
207,900.
9
292,819.
9
545,108.
6
501,684.
7
Import
Total
1,139,03
9.2
1,844,34
2.9
2,487,54
8.3
3,674,83
2.4
5,212,15
0.2
EU
Countries
439,847.
1
659,116.
5
744,571.
9
1,118,92
6.4
1,546,29
7.7
CIS
Countries
367,977.
9
653,715.
0
994,372.
4
1,398,58
8.9
1,849,36
8.8
Rest
countries
331,214.2
531,511.4
748,604.0
1,157,317.
1
1,816,483.
7
6 Regional Economic Prospects in EBRD Countries of Operations (May 2013).
7 The International Monetary Fund Reduced Georgia’s Economic Growth Prognosis of 2015 from 5% to 2%.
8 World Investment Report: Towards a New Generation of Investment Policies (2012).
9 The export and Import of Georgia (2003-12014 US $) the diagram is made according to the data of National
Statistics office of Georgia: http://www.geostat.ge/?action=page&p_id=139&lang=geo
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