Deputy Economy Minister: Georgia showing “best results” in updated IMF forecast
Mikheil Dundua also said Georgia ranked second in the world and first in the Eastern Hemisphere in terms of the growth rate of GDP per capita in US dollars between 2021-2028. Photo: Ministry of Finance
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Georgian Deputy Finance Minister Mikheil Dundua on Wednesday said the country had showed “best results” among 193 countries in four “important indicators” in the updated 2022-2028 assessment and long-term forecast of the International Monetary Fund.
Dundua said Georgia ranked second in the world in the study on Tuesday, while also placing first in Eurasia, Africa, Australia, and Oceania with the following projections:
- The real gross domestic product per capita in Georgia is set to increase by 51 percent between 2022-2028
- GDP per capita will cross the $21,922 mark this year and exceed $31,458 by 2028
- GDP per capita at constant prices hit $17,145 last year and is expected to exceed $23,315 by 2028
Dundua also said Georgia ranked second in the world and first in the Eastern Hemisphere in terms of the growth rate of GDP per capita in US dollars between 2021-2028.
He added the results validated the Government’s economic policy, while its current and planned infrastructure projects of “international importance” provided a “solid basis” for the country to develop the economy from a “leading position”.
Vakhtang Tsintsadze, the Georgian Deputy Economy Minister, on Wednesday cited the International Monetary Fund on its projection of 5 percent average economic growth for Georgia between 2023-2028, and said the Fund’s figures put the country as a “leader” both regionally and among European states.
The Georgian economy is projected to grow 5.5% in 2022 and 5% in 2023, the January edition of the World Bank’s report Global Economic Prospects 2022 says.
Georgia’s gross domestic product per capita will reach $8,000 in 2023 while the current year is on track to close with 10 percent economic growth, Prime Minister Irakli Garibashvili said on Tuesday as part of his end-of-year summary of the Government’s work.
Georgian Finance Minister Lasha Khutsishvili on Wednesday said the gross domestic product per capita figure was projected to exceed $7,900 by 2023.
Georgia takes the leading place among the South Caucasian countries with its Gross Domestic Product (GDP) per capita indicator.
Georgian Economy Minister Levan Davitashvili and Thea Roseman Candler, the United States Assistant Secretary of Commerce for export control on Wednesday discussed trade and economic relations between the two countries.
The International Monetary Fund’s updated forecast, projecting the “highest” economic growth for Georgia - 5 percent average - among the countries of the wider region and Europe, in the medium term between 2023-2028, was discussed on Saturday by the Georgian Government’s Economic Council, led by Prime Minister Irakli Garibashvili.
The Georgian economy grew 5.5 percent in July year-on-year and 7.2 percent in the first seven months of 2023, the National Statistics Office of Georgia said on Friday. Last month’s growth was mainly driven by estimated real growth in financial and insurance activities, construction, trade, professional, and scientific and technical sectors, the Office said.