Economy Minister says Georgia will maintain economic growth in 2024
Georgian Economy Minister Levan Davitashvili on Monday said the country would maintain the trend of economic growth this year. Photo: Ministry of Economy
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Georgian Economy Minister Levan Davitashvili on Monday said the country would maintain the trend of economic growth this year.
"The economic growth will be even higher in the coming years”, he added, while noting the latest forecast of Fitch Ratings, a global credit rating agency, which said the country’s economy would grow five percent in 2024 and 5.1 percent in 2025.
You know that the rating is quite complex and includes a lot of economic factors. Among them, the main challenges are regional challenges, regional geopolitics, and we understand that in this case we in Georgia are less able to change this context”, Davitashvili said.
But we have to improve our internal situation as much as possible in order to have a fairly good rating, which is an important message for investors”, he added.
In its report, Fitch highlighted Georgia’s “solid” economic growth prospects, noting the arrival of migrants following the outbreak of the conflict in Ukraine had made a “positive spillover” on economic activity.
The World Bank’s latest Global Economic Prospects report projected the Georgian economy to grow 4.8 percent in 2024.
The report said growth was expected to ease this year, reflecting a projected slowdown among trading partners of Georgia as well as further reduction in money transfer inflows.
Fitch Ratings, a global credit rating agency, has affirmed Georgia’s Long-Term Foreign-Currency Issuer Default Rating status at ‘BB’ rating, also maintaining the assessment of the financial outlook for the country’s financial developments as “positive”.
The Georgian economy is projected to grow 4.8 percent in 2024 in the January edition of the World Bank’s Global Economic Prospects report, published on Wednesday.
The Georgian economy grew 5.9 percent year-over-year in November, while the average real GDP growth between January and November equalled 6.9 percent, the National Statistics Office of Georgia said on Friday.
Irakli Kobakhidze, the head of the ruling Georgian Dream party, on Thursday said the domestic gross domestic product per capita would exceed $12,000 by 2028 according to the forecast by the International Monetary Fund, with the development meaning that “poverty will almost disappear” across the country.
Georgian Economy Minister Levan Davitashvili on Monday highlighted last year’s “new record” in the country’s external trade, noting the figure had reached $6.1 billion, a 9.1 percent increase from 2021.
Irakli Kobakhidze, the head of the ruling Georgian Dream party, on Monday said the country’s economy was growing “not only in absolute terms but also compared to other countries”, reducing the gap with “advanced” countries in living standards.
Georgian Parliament Speaker Shalva Papuashvili on Wednesday said the country would become a “leader in economic growth” among European Union membership candidate countries and “wider Europe” between 2024-2028.
The Georgian economy grew 8.3 percent year-on-year in December and by seven percent in 2023, the National Statistics Office said on Wednesday.
The outgoing Georgian Prime Minister Irakli Garibashvili on Thursday said the national economy had tripled during the rule of the Georgian Dream party.
Levan Davitashvili, the candidate for the position of the Minister of Economy, on Tuesday said Georgia had enjoyed “one of the highest economic growth rates” among the countries of the wider region and Europe and the candidate states for European Union membership in 2023.
The Georgian economy grew 5.8 percent year-on-year in January, the National Statistics Office said on Thursday.