Owing to economic and institutional reforms and sound macroeconomic policies, Georgia’s economy grew at an annual average of nearly 6% between 2004 and 2013. Reforms that strengthened public finances, improved business climate, fought corruption, liberalized trade, and upgraded infrastructure led to an impressive annual average growth of more than 9% between 2004 and 2008.
Following the1997–1998 Asian financial crisis, Indonesia became highly aware of the need to deepen and diversify its finance sector. Under the Medium-Term Development Plan, 2004–2009 and the subsequent National Medium-term Development Plan, 2010–2014, the government thus committed to developing the country’s capital market and nonbank finance subsector.
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