PM: Georgia “maintaining double-digit growth” while world economy is heading to recession

  • Georgian Prime Minister Irakli Garibashvili on Monday said the country maintained “double-digit economic growth, peace and stability” while economic processes in the world were “heading towards recession”. Photo: PM's press office

Agenda.ge, 11 Jul 2022 - 17:05, Tbilisi,Georgia

Georgian Prime Minister Irakli Garibashvili on Monday said the country maintained “double-digit economic growth, peace and stability” while economic processes in the world were “heading towards recession”.

The Government Administration cited Garibashvili on saying the war in Ukraine had created "a very difficult situation" in Europe. 

"[These include] inflation, high prices, problems in supply and logistics. There are also problems in the direction of food supply to less developed, poor countries. Experts and world leaders are talking about the world possibly being on the brink of famine, especially poor countries", Garibashvili said.

"[The Georgian Government] should not be satisfied with [its double-digit growth], we should continue to work responsibly at an accelerated pace and protect the interests of our country. This should be our main task and motivation", Garibashvili said.

According to the latest Gross Domestic Product data, the Georgian economy grew by 11.6 percent in May and 11.2 percent in the first five months of 2022 year-on-year. 

The World Bank has projected the Georgian economy to grow 5.5 percent in 2022 and next year, followed by five percent growth in 2024.

Earlier this month, Georgian Finance Minister Lasha Khutsishvili said the economic recovery from the pandemic was "progressing at a faster pace than expected", with the development setting expectations "much higher" than the projected six percent economic growth this year. He added that the new forecast would be published in late August.

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