Georgian PM: Govt’s “pragmatic” foreign, economic policies “ensured” peace, stability, economic growth

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.

Georgia “has experienced double-digit economic growth for two consecutive years, with a GDP growth rate of over 10 percent in 2021 and 2022”, Garibashvili noted in his speech at a working panel session on transport corridors hosted within the Global Gateway Forum in Brussels. He added the “positive-growth trend [of the last two years] has continued in 2023, with an average economic growth of seven percent”.

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He said the International Monetary Fund forecasted that Georgia was “expected to maintain the status of one of the fastest-growing economies” among the regional and European countries, with an “average annual growth of 5.3 percent”

Georgia's record of prudent macroeconomic decisions and structural reforms continue to drive our strong economic performance. It is not a coincidence that Georgia’s legal, business and investment environment has been highly commended in international rankings by various international rating institutions”, the Head of the Government stressed.

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 2023 Rule of Law Index, Garibashvili noted, adding the country “outpaced” many EU and NATO member states in corruption control in the latest Global Competitiveness Report.

He also said the country was among the “top 25 countries” with the freest economies according to the Fraser Institute’s report - Economic Freedom of the World 2023.