Euractiv has published an article written by Vazil Hudak, an economic advisor to the prime minister of Georgia, which highlights the country’s economic growth trends on the background of "recession" in Europe.
In the current environment characterised by a starting recession in Europe, growing public deficits and debts and instability in Eurasia, one country goes against this trend: the Republic of Georgia", writes Vazil Hudak.
The article reads that the International Monetary Fund expects Georgia’s gross domestic product growth in 2022 will equal 10 percent, public deficit for 2022 is expected to be around 3.1 percent, and it will converge to the fiscal rule target requiring a deficit below three percent of GDP in 2023.
Hudak says Georgia’s public debt, which amounted to 60.1 percent in 2021, will decrease to 49 percent in 2022 and is expected to fall even further in 2023, adding that many EU member states "must feel envious when looking at these numbers".
GDP per capita has increased from $5000 in 2021 to $6,600 in 2022. These impressive numbers didn’t come easy, particularly in the environment of the Covid-19 pandemic, followed by the war in Ukraine. They resulted from the Georgian government’s hard work, led by prime minister Irakli Garibashvili, which combined a strategic approach with flexibility reflecting the fast-changing situation, regionally and globally", Hudak writes.
The article also reads that Georgia’s “economic miracle" has been driven by a strong export performance and foreign direct investment inflows supported by growing tourism and transport revenues.
Read the full article here.