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As Harry S Truman once noted – “It's a recession when your neighbor loses his job; it's a depression when you lose your own”. While Georgia was able to grow its economy, this growth did not trickle all the way down.
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The literature, typically using panel data covering many countries, shows that higher government turnover rates reduce growth significantly in both economic and statistical terms, even for established democracies.
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Few elections in recent years were watched as carefully around the world as the Georgian parliamentary elections. And few political and economic observers shunned the opportunity to interpret its stunning outcome.
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Despite spectacular growth performance during the past several years (averaging more than 6% since 2005), Georgia remains a poor country. In 2011, Georgia’s GDP per capita reached USD 3,215, just below the average for small island states in the Pacific and just above Guatemala.
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A new study by the ISET Policy Institute has interesting insights into Georgia’s growth performance.