PM says “record-high” figure of employment, economic growth result of “correct policy”

Georgian Prime Minister Irakli Garibashvili on Monday said the Government’s “correct policy” had led to the “record-high” figure of 1.366 million employed individuals across the country in the third quarter of 2023. Photo: PM's press office

Agenda.ge, 27 Nov 2023 - 15:47, Tbilisi,Georgia

Georgian Prime Minister Irakli Garibashvili on Monday said the Government’s “correct policy” had led to the “record-high” figure of 1.366 million employed individuals across the country in the third quarter of 2023.

Speaking at the weekly Government meeting, Garibashvili said the “positive” growth trend of the domestic economy had continued this year with the figures showing seven percent growth in the second quarter. 

This was ensured by the correct policy taken by our Government over the recent years, the steps we took, [and] the peace policy we have - otherwise, if the previous Government was in charge, there would be no peace, no economic growth, nothing. They would destroy the country for the second time”, Garibashvili alleged. 

The PM said the nominal gross domestic product forecast for 2024 was ₾86 billion ($31.74bln) under the conditions of conservative planning, while in 2012 the figure had stood at about ₾27 billion ($9.96bln). 

In the last 11 to 12 years, the national economy of the country has tripled”, he said, adding the state budget for 2024 was being “conservatively planned” based on five percent growth. 

The budget deficit has been greatly reduced [to] 2.5 percent [...] and we want to maintain this decreasing trend in the following years as well. The Government debt will be 38 percent of the GDP, which is also very low, and it can be said that in the last three years we have managed to significantly reduce the [number] and there will be a tendency to reduce it in the coming years as well”, he said. 

Garibashvili added GDP per capita was projected to reach $8,500 in 2024 and $11,000 by 2027 within a ₾108 billion ($39.86bln) economy, and noted the 2024 budget would stand at ₾28.760 billion ($10.61bln).