Economy Minister forecasts growth to remain at “high level”, GDP per capita to exceed $8,500 in 2024

Georgian Economy Minister Levan Davitashvili on Wednesday told the Parliament the economy of the country was showing “positive trends”, with expectations for growth to remain at a “high level” and the gross domestic product per capita to exceed $8,500.

He said the country's economy was “maintaining stability” and “showing one of the highest rates of growth in Europe and the wider region” despite “external challenges and geopolitical tensions”.

Davitashvili cited the average economic growth of 7.7 percent between in January-February, including 9.5 percent in the latter month. He also mentioned a “record volume” of exports of goods in 2023, which he said had been worth $6.1 billion, and revenues from tourism, which he said had increased by 17.3 percent annually and reached a “record level” of $4.1 billion.

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The Minister also said the domestic economy had recorded “one of the lowest rates” of inflation in Europe and the wider region between January-March, continuing a trend of the previous year.

The income from international tourism is expected to increase to $4.5 billion in 2024, which will be a nine percent increase compared to 2023. Furthermore, 7.9 million international travellers are expected to visit Georgia, which is an 11.2 percent increase compared to 2023”, the official said.

He also told lawmakers a “sustainable increase” in the share of tourist visits had been observed among the number of international travellers, with 4.7 million visits and a 91.9 percent recovery from the pre-pandemic 2019 data.

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The Minister attributed the positive trends to “reasonable” macroeconomic policy, reforms, and measures aimed at improving the competitiveness of the private sector.

Davitashvili also expressed confidence Georgia would reach a “new level” of development in tourism with “effective initiatives” and a “right action plan”, including the country’s promotion among European Union and Persian Gulf countries, launch of direct flights to India, visa-free travel with China and increase in the number of flights with the country.