PM Garibashvili: Georgia has unprecedented high economic growth across Europe
The estimated real gross domestic product (GDP) growth rate in September 2021 equaled 6.9% year-on-year and 11.3% in January-August of 2021 year-on-year. Photo: government of Georgia press office.
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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.’
He also said several days ago that the gross domestic product in Georgia will reach a historic high in January 2022 amounting to 65 billion GEL (about $20 bln./€18 bln), noting that Georgia’s GDP per capita in January will be 5,500 USD.
The estimated real gross domestic product (GDP) growth rate in September 2021 equalled 6.9% year-on-year and 11.3% in January-August of 2021 year-on-year.
The National Statistics Office of Georgia (Geostat) reported that the Georgian economy decreased by 6.1% in 2020 year-on-year.
The Europe and Central Asia Economic Update published by the World Bank says that the Georgian economy is unlikely to recover to pre-Covid levels until late 2022.
The International Monetary Fund (IMF) projects the Georgian economy to grow 7.7% in 2021 and 5.8% in 2022.
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 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 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.’
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.
Georgia's estimated GDP increased in October 2021 compared to the same period last year, and totalled 6.9% year-on-year, while in January-October of 2021 year-on-year growth amounted to 10.5%, preliminary data of the National Statistics Office of Georgia (Geostat) show.
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.’
Georgian Finance Minister Lasha Khutsishvili stated earlier today that the country’s economy will ‘fully recover’ from losses of the last year and be 2.6% higher than it was in 2019.
Georgian Prime Minister Irakli Garibashvili has stated that 2021 was a challenging but successful year, noting that the country has concluded the year with double-digit economic growth, more than five million vaccine doses imported, and ‘fair, competitive and free’ municipal elections held in October.