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.

"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.

• Fitch affirms Georgia at BB credit rating with “Positive Outlook”

The World Bank’s latest Global Economic Prospects report projected the Georgian economy to grow 4.8 percent in 2024.

• World Bank projects 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.