Finance Minister expects “even greater progress” following World Bank report on unemployment reduction
Georgian Finance Minister Lasha Khutsishvili said the Government expected “even greater progress” through an increase in economic activity. Photo: Ministry of Finance
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Georgian Finance Minister Lasha Khutsishvili on Monday said the Government expected “even greater progress” through an increase in economic activity, following World Bank statistics that showed unemployment in the country hit the lowest point in 20 years in 2022.
The Ministry of Finance cited Khutsishvili as saying the number of employed people had increased by 70,000 “over the recent period”.
The Minister said the current economic policy of the Government and growth in the country had contributed to the reduction in unemployment.
Over the last two years we have had a double-digit economic growth, and this year it is also quite high. Improvement in economic activity essentially affects all economic parameters, including employment”, he said.
“Economic activity will be followed by improvement of indicators such as employment [...] and all other economic parameters”, Khutsishvili added.
Georgian Economy Minister Levan Davitashvili on Tuesday said the "positive trends" of the country's economic growth from 2022 were expected to be maintained this year due to its multifaceted form over the past 12 months.
Unemployment in Georgia was at its lowest rate in 20 years in 2022, the World Bank has said in its highlighting of statistics showing last year’s figure in the country at 11.3 percent.
Unemployment rate in Georgia decreased by 1.4 percent in the first quarter of 2023 compared to the same quarter of the previous year and equalled 18 percent across the country, data from the National Statistics Office of Georgia shows.
Georgian Deputy Economy Minister Vakhtang Tsintsadze on Monday said the country’s economic growth rate had proved an “important factor” in reducing unemployment to its “historic low” of 17.3 percent, creating new jobs and combating poverty in the country.
The next round of intergovernmental talks between Georgia and Germany on development cooperation began on Monday in Berlin, the Georgian Finance Ministry said.