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Line 77: − The Soviet Socialist Republic of Georgia was one of the most prosperous and envied locations in the former Soviet Union. The political turmoil after independence had a catastrophic effect on Georgia's economy. The cumulative decline in real GDP is estimated to have been more than 70% between 1990 and 1994, and by the end of 1996, Georgia's economy had shrunk to around one-third of its size in 1989. Today, the largest share of Georgia's GDP is produced by agriculture, followed by trade, manufacturing, and transport. Georgia's main exports are metals and ores, wine, nuts, and aircraft. +
→Economy
==Economy==
==Economy==
The political turmoil after independence from USSR had a catastrophic effect on Georgia's economy. The cumulative decline in real GDP is estimated to have been more than 70% between 1990 and 1994, and by the end of 1996, Georgia's economy had shrunk to around one-third of its size in 1989. Today, the largest share of Georgia's GDP is produced by agriculture, followed by trade, manufacturing, and transport. Georgia's main exports are metals and ores, wine, nuts, and aircraft.
Although Georgia experienced some years of growth in the mid-1990s, it was hit hard by the Russian economic crisis of 1998-99. The later years of former President Shevardnadze's administration were marked by rampant cronyism, corruption, and mismanagement. Public disaffection with the situation resulted in the Rose Revolution of 2003. The new government, led by Mikheil Saakashvili, promised to reorient the government and the economy toward privatization, free markets, and reduced regulation, to combat corruption, to stabilize the economy, and to bring order to the budget.
Although Georgia experienced some years of growth in the mid-1990s, it was hit hard by the Russian economic crisis of 1998-99. The later years of former President Shevardnadze's administration were marked by rampant cronyism, corruption, and mismanagement. Public disaffection with the situation resulted in the Rose Revolution of 2003. The new government, led by Mikheil Saakashvili, promised to reorient the government and the economy toward privatization, free markets, and reduced regulation, to combat corruption, to stabilize the economy, and to bring order to the budget.