PM notes progress of “tripled” Georgian economy, “double-digit” growth at CAREC Conference

Masatsugu Asakawa, the President of the Asian Development Bank (left) and Irakli Garibashvili, the Prime Minister of Georgia. Photo: PM's press office, 30 Nov 2023 - 12:57, Tbilisi,Georgia

Georgian Prime Minister Irakli Garibashvili on Thursday highlighted the country’s economic progress since the Covid pandemic at the Annual Central Asia Regional Economic Cooperation Ministerial Conference, telling the event the national economy had rebounded with a “double-digit” growth of over 10 percent over the past two years.

Garibashvili told the Conference his Government had managed to maintain the “positive trend” in 2023, with an average growth rate of seven percent over the first nine months, along with an inflation rate of less than one percent.

Speaking at the 22nd edition of the event, hosted in the capital city of Tbilisi, he also said the national economy had tripled since 2012.

In 2012, the nominal gross domestic product was ₾27 billion ($10bln), while in 2024 it is projected to reach ₾86 billion ($31.80bln). With $8,000 expected at the end of 2023, in just three years, GDP per capita has nearly doubled”, Garibashvili said.

The PM also highlighted the domestic unemployment and poverty rates were at “historical lows”, while official reserve assets had reached a “historic high” in July.

Acknowledging the growing global energy demand and the “urgency” of addressing climate change, Garibashvili said his Government was pursuing “state-of-the-art ventures” in renewable energy - including hydropower, wind and solar. 

Our objective is to attract investors to establish more power plants to utilise Georgia’s abundant green energy potential. We are also working hard to develop projects in energy efficiency and stand ready to develop relevant policies in accordance with the obligations of the United Nations Framework Convention on Climate Change, as well as the EU-Georgia association agenda”, he said.

Photo: PM's press office

The Government head emphasised the significance of te CAREC “for the whole region” and feasibility of implementing the goals set by the Programme. He said he hoped the Conference would be “successful and fruitful” and aid “our shared aspiration for a prosperous and sustainable future”.

The Conference is being hosted in Tbilisi for the first time, with senior officials from countries across central and west Asia and Masatsugu Asakawa, the President of the Asian Development Bank, in attendance.