Georgia needs reforms to maintain economic growth - World Bank

TBILISI. Dec 6 (Interfax) - Georgia needs reforms to maintain GDP growth and to create an effective economic environment in the upcoming decade, the World Bank said in the "Planning Georgia's Future: Competitiveness, Connectivity and Opportunity" report.

World Bank Regional Director for the South Caucasus Sebastian Molenius said at a press briefing on Tuesday, with a reference to the report, that maintaining economic growth at a level of 4-5% per year will require competent management and higher professionalism and labor productivity.

The report notes the significant economic achievements of Georgia over the past decade and measures necessary to maintain economic stability in the future decade.

Molenius noted that Georgia should not rest on its laurels, considering that difficult times might be ahead from the geopolitical point of view. He said it was necessary to focus on higher competitiveness for domestic goods and larger exports.

As to his attitude toward the Georgian government's decision to raise the bank revenue tax from 15% to 20%, Molenius said it was an indication of strength in the domestic financial sector.

"It is unfair that banks have so much revenue," Georgian Prime Minister Irakli Garibashvili said at a government meeting on Monday. In his words, the net revenue of all 15 banks in Georgia will reach 2 billion lari (about $740 million) this year.