World Bank: many coming reforms are very promising for Georgia
“The whole world is up against these challenges with rising inflation and the impact it is having on the economy and population. We talked about the measures being undertaken here in Georgia in terms of monetary policy to address inflation,” Bjerde said. Photo: Finance Ministry of Georgia.
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World Bank Vice President for Europe and Central Asia (ECA) Anna Bjerde has stated that many reforms particularly in human capital development and formation of a more green and digitised recovery will be ‘very promising for Georgia in the years to come.’
She also praised Georgia for the economic recovery in the country after her meeting with Georgian Finance Minister Lasha Khutsishvili earlier today.
Minister @Lasha_Kh met Anna Bjerde @WorldBankECA VP to discuss longstanding partnership,COVID response,vaccination, economic recovery,key parameters of 2022 Budget & supporting monetary policy.@WorldBank looks fwd to supporting ???????? in inter alia reforming #SOE sector. pic.twitter.com/MJ9nt1zeUR
— Mof Georgia (@mofgeorgia) November 17, 2021
Bjerde said that partnership between the Georgian government and the World Bank ‘has been very long-standing.’
Bjerde and Khutsishvili also discussed challenges concerning the Covid-19 pandemic and other economic issues.
The whole world is up against these challenges with rising inflation and the impact it is having on the economy and population. We talked about the measures being undertaken here in Georgia in terms of monetary policy to address inflation,” Bjerde said.
She stated that the forthcoming reform program ‘which the World Bank looks forward to supporting’ was also on the agenda of the meeting.
Bjerde pledged to continue supporting Georgia in the implementation of key reforms.
Georgian Finance Minister Lasha Khutsishvili has said that the country expects 6% economic growth in 2022, nominal gross domestic product (GDP) amounting to 65 billion GEL (about $20.7 b. / €18.21 b.), while GDP per capita will exceed $5,500 by the end of next year. Khutsishvili asserts that Georgia will ‘fully’ recover to pre-pandemic economic levels and maintain a ‘high’ rate of economic growth.
The International Monetary Fund (IMF) projects the Georgian economy to grow 7.7% in 2021 and 5.8% in 2022, reads the latest report titled World Economic Outlook: Recovery During a Pandemic. With these indicators Georgia will have one of the highest economic growth rates in the region of the Middle East and Central Asia.
The World Bank Vice President for Europe and Central Asia Anna Bjerde, who is visiting Georgia, has announced that the World Bank is eager to participate in the development of a new strategy for Georgia after the meeting with the Prime Minister Irakli Garibashvili today.
The Georgian economy is projected to grow 6% in 2021, 5% in 2022 and again 5% in 2023, says the June edition of the World Bank’s report Global Economic Prospects 2021.
Georgia ranks 29th of 194 counties in the Business Bribery Risk Index 2021, while in 2020 the country ranked 28th in the list, Trace International reports.
The Georgian Ministry of Finance has started negotiations with the International Monetary Fund (IMF) over the launch of a new three-year programme. Finance Minister Lasha Khutsishvili has met the IMF mission chief James John to discuss economic conditions and projected market reforms in Georgia.
Georgian Prime Minister Irakli Garibashvili has stated earlier today that gross domestic product in Georgia will reach a historic high in January 2022 amounting to 65 billion GEL (about $20 bln./€18 bln).
World Bank Regional Director for the South Caucasus Sebastian Molineus has stated earlier today that Georgia can be a strong leader ‘not only in the region but globally as well’ in regional connectivity and integration following the meeting with the Georgian Prime Minister Irakli Garibashvili.
Georgian Prime Minister Irakli Garibashvili has stated that the economic growth in Georgia in October amounted to about 7%, while growth in the past 10 months totalled 10.5%, calling it ‘unique, unprecedentedly high growth across Europe.'
The Georgian government has plans to decrease the country’s external debt to 51.1% of the Gross Domestic Product (GDP) next year, Prime Minister Irakli Garibashvili stated earlier today. Georgia’s external debt amounted to 58.66% of GDP in 2020, nearly 29.3 billion GEL, which increased to a critical 60% of GDP this year. Garibashvili said that Georgia has had ‘major economic growth this year, which is expected to continue.’
A total of seven Georgian companies out of 18 nominated won awards for the Best Annual Report and Transparency Award (BARTA) earlier today. The annual award was launched in December 2019 as a joint project of the European Union and World Bank ‘Georgia Financial Inclusion and Accountability', in partnership with the National Reforms Support Foundation in accounting, Reporting and Auditing (RSF).
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.
World Bank will finance the $109 million construction project for a 17-km, four-lane, access-controlled highway in the Eastern Georgia’s winemaking region of Kakheti to facilitate connection between the province and the capital Tbilisi as part of the country’s highway network.
World Bank will allocate $400 million for the Human Capital Programme for Georgia, calling it “the largest cross-sectorial investment” for the country over 30 years of partnership.