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Which are the top 5 fastest growing sectors in the economy of Georgia (Country), including specific business as examples?
Hello! Thanks for your question about the fastest growing sectors in the country of Georgia's economy. The short answer is that tourism and hospitality have been the fastest growing sectors with agro business third. I was unable to find any other economic sectors that have been actively growing. While the Georgian economy is now picking up in growth in these sectors recently, as a result of a large economic decline, there was not much growth in any sectors in the past five years. Below you will find a deep dive of my findings.
Fastest Growing Sectors
1. Tourism
2. Hospitality
3. Agro Business
Economic Reconstruction
In 2017, The Bank of Georgia was given a grant equivalent to USD 100 million from European Bank for Reconstruction and Development to promote growth in Georgian businesses. The loans given out to companies from this grant will help the companies modernize and focus on making products and providing services that meet EU standards. This grant is likely to help increase the number of small and medium enterprises (SMEs) in Georgia.
Tourism
The number of tourists visiting Georgia has increased 13% from 2016. Tourism is the only sector of the Georgian economy that has continually grown annually in the past 10 years. In particular, Georgian ski resorts have had an 800% increase in visitors over the past five ski seasons. The top five most popular ski resorts are listed below:
1. Gudauri
2. Bakuriani
3. Mestia
4. Goderdzi
5. Mitarbi
hOSPITALITY
Thanks in part to foreign investors, the hotel industry has shown growth in Georgia. Rooms Hotel Kazbegi and Rooms Hotel Tbilisi were featured in a 2016 Forbes article.
Agro Business
The Bank of Georgia stated that agro business is the second most favored business type in Georgia. The government is supportive of these agro businesses which will help them succeed. The Deep and Comprehensive Free Trade Area (DCFTA) has been another factor promoting growth in this sector. Some successful Georgian agro businesses include: Chirina Ltd., Blauenstein Georgia, and Nergeta.
Conclusion
To wrap it up, tourism is the fastest growing sector in the Georgian economy with the related sector of hospitality coming in second. Thanks to Georgia's natural resources, agro business is third. Due to a tumultuous economic past, I was unable to find any other promising economic sectors in Georgia. Thanks for using Wonder! Please let us know if we can help with anything else!