Last week, Mr. Nika Gilauri, Founder and Managing Partner of Reformatics, shared findings from his new book Practical Economics at the EBRD and World Bank headquarters in London and Washington, DC.
Reflecting on the current “global economic reshuffling” and its implications on the developing economies in the world, Mr. Gilauri discussed his own experience of economic transformation in Georgia and various countries globally, where he and his team have been advising governments on economic and business climate reforms. Presentations at the EBRD and World Bank were dedicated to the discussion of the success story of Georgia and its sweeping economic reforms implemented in a very short period of time, moving the country from a near-failed state in 2003 to a well-functioning market economy in 2012. This success story of Georgia encourages developing economies to learn from the Georgian experience, including successes and failures, and implement rapid, fast and result-oriented reforms to boost economic growth.
“The lesson learned from Georgia’s reforms of 2004-2012 and resulting robust growth is that the pain of implementing rapid economic changes and transformation is worthwhile. Developing economies are advised to use the momentum and enable economic transformation, push for deep changes now and effectively address existing economic challenges,” said Mr. Nika Gilauri.