Georgian PM highlights “high” economic growth in first month of new Gov’t

Georgian Prime Minister Irakli Kobakhidze on Friday said he was “very glad” to see the first month of the new Government following his appointment to the position being marked by a “high” economic growth rate of 9.5 percent in February.

A number of measures have been taken to further stimulate economic growth. The National Bank has made important decisions in this regard, including [reducing] the refinancing rate”, Kobakhidze told the media earlier today.

• Georgian economy grew 9.5% y/y in February - Statistics Office

The Prime Minister said the Government was “committed to further increasing” the rate of growth. He noted the country had enjoyed “double-digit” growth in 2021 and 2022, with last year’s figure at 7.5 percent.

In February of this year, the growth rate was 9.5 percent. We hope to achieve better performance this year than last year, which is essential for strengthening the country's foreign political positions and improving the social conditions of its people”, he said.

Kobakhidze said poverty was “one of the main challenges” for the Government, adding around 15 percent of the population was living below the poverty line. He called reduction of poverty a “national task” that depended on economic growth rate.