世界银行-格鲁吉亚公共财政评论：包容性增长的财政政策（英）

Public Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedGEORGIA: Public Finance ReviewFISCAL POLICY for Inclusive GrowthNovember 2025© 2025 International Bank for Reconstruction and Development / The World Bank1818 H Street NW, Washington DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved.This work is a product of The World Bank. The findings, interpretations, and conclusions expressed in this work do not nec-essarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy, completeness, or currency of the data included in this work and does not assume responsibility for any errors, omissions, or discrepancies in the information, or liability with respect to the use of or failure to use the information, methods, processes, or conclusions set forth. The boundaries, colors, denominations, links/footnotes and other information shown in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. The citation of works authored by others does not mean the World Bank endorses the views expressed by those authors or the content of their works. Nothing herein shall constitute or be construed or considered to be a limitation upon or waiver of the privileges and immu-nities of The World Bank, all of which are specifically reserved.Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. Attribution-Please cite the work as follows: “World Bank. 2025. Georgia Public Finance Review: Fiscal Policy for Inclusive Growth © World Bank.” Any queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: pubrights@worldbank.org ContentsAcknowledgement ..........................................................................................................................................iAbbreviations ................................................................................................................................................i iDefinition of Key Concepts .........................................................................................................................ivExecutive Summary ......................................................................................................................................vChapter 1. Fiscal Policy Developments and Challenges ...................................................................... 11.1. Introduction .......................................................................