PM - Georgia enjoying “double-digit” economic growth in first 5 months of 2022 amid "world markets crashing", Ukraine war

Georgian Prime Minister Irakli Garibashvili said Georgia experienced “double-digit” economic growth in the first five months of 2022 despite "world markets crashing" the recessions caused by the Russia-Ukraine war, the Government Administration announced on Monday.

Garibashvili called the growth figure "unprecedented" in Europe, adding the Government would “not allow any destructive force" to “hinder” the process.

We have great economic growth [...] against the backdrop of the world markets crashing, the economy being in recession, and general problems everywhere due to the war in Ukraine; every country is facing a challenge", Garibashvili said.

The PM stressed the "record volume" of foreign direct investments in Georgia, which amounted to $568.2 million in the first quarter of 2022, four times higher compared to the same period of the previous year.

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"Tourism is growing, as well as trade and exports; the lari [national currency] is strengthened. We have positive dynamics in all directions. We will maintain this growth and continue to work at an even higher pace", Garibashvili said.