Deputy Economic Minister: IMF figures put Georgia in lead of Black Sea region economic growth
The Minister made the comments on estimates found in this month's World Economic review of the IMF, released on Tuesday, and said the data showed the gross domestic product per capita in Georgia was expected to equal $7,600 in 2023 and $11,300 by 2028. Photo: Ministry of Economy
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Vakhtang Tsintsadze, the Georgian Deputy Economy Minister, on Wednesday cited the International Monetary Fund on its projection of 5 percent average economic growth for Georgia between 2023-2028, and said the Fund’s figures put the country as a “leader” both regionally and among European states.
The Minister made the comments on estimates found in this month's World Economic review of the IMF, released on Tuesday, and said the data showed the gross domestic product per capita in Georgia was expected to equal $7,600 in 2023 and $11,300 by 2028.
He also added the Government had set the aim of boosting economic growth beyond international financial organisations’ estimations as its “top priority”, and said it was aiming to achieve the result by accelerating infrastructure projects and putting “structural economic projects” into action.
The improvement of the business and investment climate in Georgia is the Government's top objective, enabling the state to draw more investments and stimulate economic activity, which directly translates into more employment, technology, innovations and knowledge transfer in the economy, directly influencing the population’s well-being”, the Deputy Minister said.
Georgia's per capita GDP, based on purchasing power, was 34.5 percent of the European Union rate in 2021, with the figure rising to 37.1 percent last year and expected to reach 46 percent by 2028.
Georgian Deputy Economy Minister Irakli Nadareishvili on Monday discussed prospects for deepening ties in innovative ecosystems at a meeting with Israeli Ambassador Hadas Meitzad, the Ministry of Economy announced.
The positive dynamics of the BPO services in Georgia and the opportunities that the country can offer to foreign companies were discussed on Friday by Georgian Economy Minister Levan Davitashvili and the investment consultants from the world’s leading companies in the industry.
Georgian Economy Minister Levan Davitashvili on Friday highlighted the “significantly increased” trade turnover between Georgia and Armenia over recent years, with exports from Georgia amounting to $133 million this year and expecting the “growing trend” to continue further.
Georgian Deputy Finance Minister Mikheil Dundua on Wednesday said the country had showed “best results” among 193 countries in four “important indicators” in the updated 2022-2028 assessment and long-term forecast of the International Monetary Fund.
Georgian Economy Minister Levan Davitashvili and Thea Roseman Candler, the United States Assistant Secretary of Commerce for export control on Wednesday discussed trade and economic relations between the two countries.
The International Monetary Fund’s updated forecast, projecting the “highest” economic growth for Georgia - 5 percent average - among the countries of the wider region and Europe, in the medium term between 2023-2028, was discussed on Saturday by the Georgian Government’s Economic Council, led by Prime Minister Irakli Garibashvili.
A delegation from the International Monetary Fund is visiting Georgia to discuss the country’s economic outlook with Government officials.
The Georgian economy grew 5.5 percent in July year-on-year and 7.2 percent in the first seven months of 2023, the National Statistics Office of Georgia said on Friday. Last month’s growth was mainly driven by estimated real growth in financial and insurance activities, construction, trade, professional, and scientific and technical sectors, the Office said.
Georgian Deputy Economy Minister Vakhtan Tsintsadze on Thursday said the Government’s “reasonable” macroeconomic policy was ensuring Georgia's resilience to external shocks and “positive trends” of economic growth would be maintained in the coming months.