ACCT (observer), ADB, BSEC, CE, CIS, EAPC, EBRD, FAO, GCTU, GUAM,
IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF,
IMO, Interpol, IOC, IOM, IPU, ISO (correspondent), ITSO, ITU, ITUC,
MIGA, OAS (observer), OIF (observer), OPCW, OSCE, PFP, SECI
(observer), UN, UNCTAD, UNESCO, UNIDO, UNWTO, UPU, WCO, WFTU, WHO,
WIPO, WMO, WTO
Diplomatic representation in the US:
chief of mission: Ambassador Vasil SIKHARULIDZE chancery: 2209 Massachusetts Avenue NW, Washington, DC 20008 telephone: [1] (202) 387-2390 FAX: [1] (202) 393-4537
Diplomatic representation from the US:
chief of mission: Ambassador John F. TEFFT embassy: 11 George Balanchine Street, T'bilisi 0131 mailing address: 7060 T'bilisi Place, Washington, DC 20521-7060 telephone: [995] (32) 27-70-00 FAX: [995] (32) 53-23-10
Flag description:
white rectangle, in its central portion a red cross connecting all four sides of the flag; in each of the four corners is a small red bolnur-katskhuri cross; the five-cross flag appears to date back to the 14th century
Economy
Georgia
Economy - overview:
Georgia's economy has sustained robust GDP growth of close to 10% in 2006 and 12% in 2007, based on strong inflows of foreign investment and robust government spending. However, a widening trade deficit and higher inflation are emerging risks to the economy. Areas of recent improvement include increasing foreign direct investment as well as growth in the construction, banking services and mining sectors. Georgia's main economic activities include the cultivation of agricultural products such as grapes, citrus fruits, and hazelnuts; mining of manganese and copper; and output of a small industrial sector producing alcoholic and nonalcoholic beverages, metals, machinery, aircraft and chemicals. The country imports nearly all its needed supplies of natural gas and oil products. It has sizeable hydropower capacity, a growing component of its energy supplies. Despite the severe damage the economy suffered due to civil strife in the 1990s, Georgia, with the help of the IMF and World Bank, has made substantial economic gains since 2000, achieving positive GDP growth and curtailing inflation. Georgia's GDP growth neared 10% in 2006 and 2007 despite restrictions on commerce with Russia. Areas of recent improvement include increased foreign direct investment as well as growth in the construction, banking services, and mining sectors. In addition, the reinvigorated privatization process has met with success. However, a widening trade deficit and higher inflation are emerging risks to the economy. Georgia has suffered from a chronic failure to collect tax revenues; however, the new government is making progress and has reformed the tax code, improved tax administration, increased tax enforcement, and cracked down on corruption. Government revenues have increased nearly four fold since 2003. Due to improvements in customs and financial (tax) enforcement, smuggling is a declining problem. Georgia has overcome the chronic energy shortages of the past by renovating hydropower plants and by bringing newly available natural gas supplies from Azerbaijan. It also has an increased ability to pay for more expensive gas imports from Russia. The country is pinning its hopes for long-term growth on a determined effort to reduce regulation, taxes and corruption in order to attract foreign investment. The construction on the Baku-T'bilisi-Ceyhan oil pipeline, the Baku-T'bilisi-Erzerum gas pipeline, and the Kars-Akhalkalaki Railroad are part of a strategy to capitalize on Georgia's strategic location between Europe and Asia and develop its role as a transit point for gas, oil and other goods.