Georgian PM, Gov’t Economic Council discuss two-year “double-digit” economic growth, economic projects
The reform of the passenger transportation between the cities, as well as other “major” economic projects “actively” carried out by the Economy Ministry, at the behest of the Head of the Government, was also part of the discussion. Photo via Government Administration
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Georgian Prime Minister Irakli Garibashvili and members of the Government's Economic Council met on Saturday to discuss the double-digit economic growth rate achieved over the past two years in Georgia - 10.5 percent in 2021 and 10.1 percent in 2022, as as result of the Government’s “proper policy”, the Government Administration said.
The Council also discussed the reduction of inflation and noted that annual inflation had decreased to 9.4 percent in January 2023 and the downtrend was expected to continue. The conversation also touched on the credit rating published by the global financial ratings firm Fitch, in which the financial outlook for the country’s fiscal developments was revised from “stable” to “positive”.
The reform of the passenger transportation between the cities, as well as other “major” economic projects “actively” carried out by the Economy Ministry, at the behest of the Head of the Government, was also part of the discussion.
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.
Fitch Ratings, a global financial ratings firm, in its update on Friday, has affirmed Georgia’s Long-Term Foreign-Currency Issuer Default Rating status at a BB level, revising the financial outlook for the country’s financial developments from “stable” to “positive”.
The Georgian economy grew by 11 percent in December and 10.1 percent over the past year, the latest data from the National Statistics Office of Georgia has shown.
Georgian Finance Minister Lasha Khutsishvili on Monday said the country’s economy had grown by 10 percent in the first 11 months of 2022, with the rate expected to be maintained in the final figures of the year.
Georgian Prime Minister Irakli Garibashvili on Monday told a Government meeting his team had "done everything” to ensure “peace, stability and high economic growth” in the country, while pointing to 2022 economic growth numbers and “historically low” levels of poverty and unemployment in the country.
Georgian Economy Minister Levan Davitashvili on Tuesday said domestic inflation had passed its peak and the country’s authorities had succeeded in stabilising it at 9.4 percent at the end of last year, noting he expected a further reduction of prices on basic consumer products and fuel in figures for this month.
Georgian Prime Minister Irakli Garibashvili on Monday said the Government had ensured a double-digit economic growth in 2021, in contrast to forecasts by “quite competent people” that said the country was headed for a “default” that year.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Monday said the latest review of Standard & Poor's, an American credit rating agency, “confirmed” the Georgian banking system was “developing sustainably” and confidence in the sector was “high”.