World Bank: Georgia demonstrating “resilience” amid rapidly changing external environment
The paper highlighted that Georgia had experienced natural capital degradation, partly caused by lack of sustainable agricultural practices and inefficient land use, and had been unable to decouple carbon emissions from economic growth so far. Photo: World Bank Georgia
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The World Bank on Wednesday said the Georgian economy had demonstrated “resilience” amid a rapidly changing external environment due to sound macroeconomic management, while the country faced challenges in creating high-quality jobs.
Speaking at a presentation of the Bank’s latest Systematic Country Diagnostic update for Georgia, Rolande Pryce, the World Bank Regional Director for the South Caucasus, said the country had a “solid foundation” but needed to “step up reforms in order to achieve inclusive and sustainable growth” in the face of global trends such as the climate transition or digitalisation and automation.
Attention to the priorities identified in the SCD Update can help the country to stay on a strong growth trajectory, while creating better opportunities for all”, she said.
The paper highlighted that Georgia had experienced natural capital degradation, partly caused by lack of sustainable agricultural practices and inefficient land use, and had been unable to decouple carbon emissions from economic growth so far.
In his comments, Lasha Khutsishvili, the Georgian Finance Minister, said the country had a “long track record of implementing broad economic and governance reforms to maintain macroeconomic stability, streamline its business environment, and strengthen public finances”.
The official added his Government was “committed to implementing further reforms to achieve our ambitious goals advancing climate and energy, sustainable economic development and good governance”.
Georgian Infrastructure Minister Irakli Karseladze and Agriculture Minister Otar Shamugia on Thursday held meetings with the newly appointed World Bank Regional Director for the South Caucasus Rolande Pryce, discussing cooperation.
The dynamics of cooperation between the Government of Georgia and the World Bank were reviewed on Wednesday by the country’s Prime Minister Irakli Garibashvili and the Bank’s newly appointed South Caucasus Regional Director Rolande Pryce, who will officially take office on September 1.
The World Bank’s assessment of Georgia’s logistics capabilities has jumped from 119th to 79th position in its latest Logistics Performance Index, marking an improvement of 40 spots in the report assessing countries’ ability to move goods across borders with speed and reliability.
The cooperation between Georgia and the World Bank, as well as projects implemented both in public and private sectors of the country with the latter’s support were discussed on Wednesday between the Georgian Finance Minister Lasha Khutsishvili and Antonella Bassani, the Vice President of the World Bank for the Europe and Central Asia.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Monday met Rolande Pryce, the World Bank Regional Director for the South Caucasus, to review implemented and prospective projects between the sides.
Steps to be implemented within the Georgia Resilient Agriculture, Irrigation and Land Project were discussed in a meeting between the Georgian Agriculture Minister Otar Shamuagia and Rolande Pryce, the Regional Director of the World Bank in the South Caucasus, in Tbilisi on Monday, the Ministry said.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Thursday met with domestic analysts to discuss macroeconomic trends and forecasts for the domestic economy.