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
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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.
Georgian Prime Minister Irakli Garibashvili on Thursday addressed the 22nd Annual Central Asia Regional Economic Cooperation Ministerial Conference in the capital city of Tbilisi to highlight Georgia’s “unique” role in contributing to “shared regional prosperity” with its economic development.
Masatsugu Asakawa, the President of the Asian Development Bank, on Wednesday said the Bank was “proud to support major projects and policy reforms” in Georgia during a meeting with Georgian Prime Minister Irakli Garibashvili.
Georgian Prime Minister Irakli Garibashvili on Wednesday discussed the current economic situation in the country and its fiscal and budgetary parameters with Masatsugu Asakawa, the President of the Asian Development Bank, during their meeting held in Tbilisi.
Georgian Prime Minister Irakli Garibashvili on Thursday highlighted the “immense contribution” of the Asian Development Bank and the Central Asia Regional Economic Cooperation Programme to “numerous” projects and events implemented in the country.
The Georgian economy grew 6.9 percent year-on-year between January-October and by 6.2 percent in October alone, the National Statistics Office said on Thursday.
Georgian Economy Minister Levan Davitashvili on Thursday told the 22nd Annual Central Asia Regional Economic Cooperation Ministerial Conference in the country’s capital of Tbilisi member countries of the CAREC represented “very active economic partners” for Georgia.
Masatsugu Asakawa, the President of the Asian Development Bank, on Thursday said the ADB was “ready to continue close cooperation” with Georgia in comments at the Annual Central Asia Regional Economic Cooperation Ministerial Conference in the Georgian capital city of Tbilisi.
Georgian Economy Minister Levan Davitashvili on Thursday said the country should turn its geographical location into “an important opportunity”, highlighting Georgia’s “special role” among the Central Asia Regional Economic Cooperation member countries.
Georgian Deputy Economy Minister Guram Guramishvili on Tuesday highlighted the country’s role in the development of the Transport Corridor Europe-Caucasus-Asia, an initiative involving the European Union and states of Eastern Europe, South Caucasus and Central Asia.
Shalva Papuashvili, the Georgian Parliament Speaker, on Tuesday said Irakli Garibashvili, who announced his resignation from the position of the Prime Minister on Monday, had demonstrated himself as an “effective” head of the executive power during his latest three-year-tenure.
Georgian Economy Minister Levan Davitashvili on Wednesday led a working meeting of the Central Asian Regional Economic Cooperation Programme in the capital city of Tbilisi that was focused on the development of financial technology in the region.