In 2011, Georgia passed the “Economic Liberty Act” and enshrined it as the 94th article in the country’s constitution. Provisions include:
- New or increased taxes subject to voter approval via referendum;
- Government spending limited to 30% of GDP;
- Deficit spending limited to 3% of GDP;
- Government debt capped at 60% of GDP
Gia Jandieri, Vice-President of the New Economic School fought for these changes as they represent the best formula to accelerate economic growth, eradicate poverty and keep the balance of power between individuals and government.
In December 2016, the Constitutional Commission of Georgia started working on a revision of the Constitution. During the revision, the Economic Liberty Act was mentioned as one of the parts to undergo changes.
Gia is inviting all WTA members to sign a coalition letter in support of maintaining the Economic Liberty Act untouched.