PM highlights “double-digit” economic growth, says unemployment at “historic low”
In his remarks at the weekly government meeting, Garibashvili noted the final version of the 2023 budget would be presented to the parliament on Wednesday, with a 10 percent economic growth forecast, instead of the earlier 8.5 percent, included in the document. Photo: Government Administration
Tweet 
Share
Georgian prime minister Irakli Garibashvili on Monday highlighted the country’s “double-digit” economic growth for two consecutive years, stressing the outcome was the result of the “sound economic policy” of his government.
In his remarks at the weekly government meeting, Garibashvili noted the final version of the 2023 budget would be presented to the parliament on Wednesday, with a 10 percent economic growth forecast, instead of the earlier 8.5 percent, included in the document.
This means that we have had double-digit economic growth for two consecutive years, which is the result of a sound economic policy”, Garibashvili said.
The head of the government also said under the 2023 state budget the gross domestic product would reach ₾80 billion GEL ($29,3 bln).
This means that it [GDP] will reach $7,500 per capita, which is a great progress in the last two years”, he said.
Adding over 100,000 new jobs had been created over the last year, the PM also claimed unemployment had fallen to a “historic minimum”, with a reduction in poverty and growth “in all directions” including tourism, exports and domestic production and “positive indicators in all directions” for the country.
Garibashvili also noted ₾400 million ($146,8 mln) in this year’s budget was expected to reduce its deficit to 3.1 percent, down from the 4.4 percent at the beginning of the year.
Priority directions of the 2023 state budget were discussed on Friday in a meeting of the government's economic council led by the prime minister Irakli Garibashvili.
Georgian economy minister Levan Davitashvili on Monday said the forecast of the International Monetary Fund projected the Georgian economy’s 2022 growth to be 10.5 percent, and highlighted the country exhibited “one of the highest” growth rates in the region.
Georgian prime minister Irakli Garibashvili on Monday said the domestic high economic growth rate was expected to be maintained with the year closing with “double-digit figures”. The government administration cited Garibashvili as saying the current 10.2 percent growth was “unprecedented in Europe”, in his summary of figures of the past nine months at the weekly government meeting.
Georgian prime minister Irakli Garibashvili on Monday discussed strategic cooperation between Georgia and Azerbaijan with Mukhtar Babayev, the minister of ecology and natural resources of Azerbaijan.
The government of Georgia will launch a programme for developing new tourism locations while upgrading the existing destinations in the country, allocating ₾200 million ($73.40mln) for the purpose, prime minister Irakli Garibashvili said on Monday.
The Georgian economy grew by 10 percent in the first 10 months of 2022 with the real gross domestic product growth showing an 8.3 percent increase over the previous year, the latest data from the national statistics office shows.
Georgia’s "sound economic management" and "good business environment" will continue to support economic activity, but further reforms will be required to keep the gross domestic product growth between 4-4.5 percent, according to the World Bank’s Country Economic Memorandum for Georgia, released on Tuesday.
The gross domestic product of Georgia will reach ₾80 billion ($30.08 bln) next year, Prime Minister Irakli Garibashvili said at the Government meeting on Monday, adding the figure had increased by almost ₾30 billion ($11.28 bln) over in the last two to three years.
Georgian Prime Minister Irakli Garibashvili on Monday told a Government meeting his team had "done everything” to ensure “peace, stability and high economic growth” in the country, while pointing to 2022 economic growth numbers and “historically low” levels of poverty and unemployment in the country.