PM says “thanks to Govt’s pragmatic foreign policy”, Georgia has double-digit economic growth
“While we work towards comprehensive, multifaceted progress, we also place significant emphasis on education and social welfare [...] since they serve as the cornerstone for empowered, prosperous, and productive societies”, the PM said. Photo via Government Administration
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Georgian Prime Minister Irakli Garibashvili on Friday said "thanks to the Government’s pragmatic foreign policy”, Georgia “has sustained economic growth over the past decade” and “has experienced double-digit economic growth for two consecutive years, with a GDP growth rate of over 10 percent in 2021 and 2022”.
In his address to the United Nations General Assembly, Garibashvili noted that the “positive-growth trend [of the last two years] has continued in 2023, with an average economic growth of seven percent”.
A substantial increase in GDP per capita is among my Government’s most significant achievements. Since 2012, GDP per capita has nearly doubled. We expect that this positive trend will continue”, the PM said, adding this July, the country’s “official reserve assets reached a historic high, representing nearly a 90 percent growth in July 2023 compared to 2012”.
Georgia has been placed as the top-ranking country in the Eastern Europe and Central Asia regions regarding the rule of law in the World Justice Project's 2022 Rule of Law Index, Garibashvili noted, adding the country “is among the top 15 countries with the freest economies” according to the Fraser Institute’s report - Economic Freedom of the World 2022, with the Heritage Foundation Index of Economic Freedom 2023 placing Georgia 21st in Europe, ahead of 11 EU member states.
The Head of the Government said the unemployment and poverty rates were also “at historical lows” and added that Georgia was ranked 18th in the world and 8th in Europe as one of the safest countries in the world.
He also highlighted Georgia’s Development Strategy - Vision 2030 - approved last year, as the country's first long-term policy framework, which outlines a comprehensive set of reforms, covering areas like economic functions and social progress, as well as good governance, justice and human rights protection.
While we work towards comprehensive, multifaceted progress, we also place significant emphasis on education and social welfare [...] since they serve as the cornerstone for empowered, prosperous, and productive societies”, the PM said.
The Government has allocated up to $1 billion to rehabilitate and construct schools and kindergartens across the country, Garibashvili noted and emphasised that the investments in healthcare and social welfare were also increased. “We are continuously improving the quality of these services. We are determined to ensure the best possible care for all citizens”, he stressed.
Georgian Prime Minister Irakli Garibashvili on Wednesday discussed plans in the country’s educational and scientific sectors for this year with Minister of Education and Science Mikheil Chkhenkeli and his deputies, the Government Administration said.
The Asian Development Bank on Wednesday said high foreign direct investment and lower unemployment had supported “strong growth” for the Georgian economy, and raised its growth forecast for 2023 from the earlier 4.5 to six percent. “The growth will moderate slightly to five percent in 2024, in light of an expected return to growth potential and possible fallout from slowing global expansion”, the ADB said.
Georgian Prime Minister Irakli Garibashvili on Tuesday highlighted Georgia as a “global hub for business and finance” and one of the world’s “fastest-growing” economies while addressing the United Nations General Assembly’s Sustainable Development Goals Summit in New York.
Georgian Prime Minister Irakli Garibashvili on Friday announced the Government’s decision to write off ₾40 million ($15.22mln) in tuition debt for about 30,000 students whose status had been suspended due to non-payment.
Georgian Prime Minister Irakli Garibashvili on Monday said the country’s economic growth had hit 7.2 percent in the first six months of this year while inflation had decreased to 0.9 percent in August, before pledging support for farmers in the country’s east by ensuring subsidies for damaged grapes following hail, strong winds and heavy rains last week.
Georgian Foreign Minister Ilia Darchiashvili on Friday assessed Prime Minister Irakli Garibashvili’s address at the United Nations General Assembly and said Garibashvili had delivered messages intended for the country’s friends and partners from the UN tribune, focusing on several main topics.
The Georgian economy grew seven percent year-on-year in January-August and 5.8 percent in August alone, the National Statistics Office said on Friday.
Georgian Economy Minister Levan Davitashvili on Wednesday said the Government was able “not only to maintain economic stability but also to ensure double-digit growth” for two years in a row “despite challenges”.
Georgian Prime Minister Irakli Garibashvili on Wednesday highlighted the Government’s “pragmatic” foreign and economic policies, which contributed to securing an uninterrupted peace and stability and ensuring strong economic growth in the country amid the “complex” global security challenges.