PM - Georgia enjoying “double-digit” economic growth in first 5 months of 2022 amid "world markets crashing", Ukraine war
PM Garibashvili called the economic growth figure "unprecedented" in Europe, adding the Government would “not allow any destructive force" to “hinder” the process. Photo: Nino Alavidze/Agenda.ge
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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.
"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.
Georgian Economy Minister Levan Davitashvili on Monday said the country remained an "attractive country" for the investors despite the "high risks" in the Black Sea region.
Georgian Prime Minister Irakli Garibashvili on Monday highlighted the record-high monthly figure hit by the country’s exports in May, pointing to the $504 billion of goods exported amid the challenges created by the conflict in Ukraine.
Spain with $196.1 million, the United Kingdom with $87.2 million, and Turkey with $67.1 million were the countries that invested most heavily in Georgia in the first quarter of 2022, the preliminary data by the National Statistics Office of Georgia showed on Thursday.
The Georgian economy is projected to grow 5.5 percent in 2022 and next year, followed by a 5 percent growth in 2024, the June edition of the World Bank’s Global Economic Prospects report has said.