IMF projects Georgia to join world’s top three for decadal economic growth

Georgia has been listed among the top three countries in three different categories of the 10-year growth forecast of the International Monetary Fund, with the ranking released this week.

The categories include the growth of the real gross domestic product per capita, growth rate of GDP per capita according to purchasing power parity, and growth rate of GDP per capita at constant prices according to purchasing power parity.

10-year growth rate of real GDP per capita 

By 2030 Georgia will be among the top three countries in the world and the leader in Europe with the growth rate of real GDP per capita, the IMF says. 

Guyana will have the highest economic growth during this period, with its economy growing by 967 percent in 2029 compared to 2019, followed by Bangladesh and Georgia in second/third place, with their economy growing by 68 percent in this decade”, the report says.

GDP per capita PPP

According to purchasing power parity per capita, Georgia is among the top three countries in the world. The IMF said the purchasing power of Georgia's economy per capita increased by 10 percent in 2023 and exceeded $23,236. In 2024, the indicator will be over $25,248, and by 2029 it will exceed $35,642, it projected.

The institution also said Georgia's GDP in US dollars per capita would exceed $12,900 in 2029 - a tripling of the 2020 figure and a more than two and a half increase compared to 2021.

In 2029, the nominal economy of Georgia per capita is expected to grow by 8.6 percent in US dollars, leading to the country’s GDP per capita to exceed $14,018 in 2030 if the dynamic is maintained, surpassing Turkey's forecast figure for 2029 ($14,011) and most likely becoming a country with a high-income status according to the World Bank's rating.

GDP PPP, current prices

According to the IMF's estimate, the economy of Georgia according to purchasing power parity will exceed $94 billion in 2024. The IMF predicts by 2029 Georgia will have a larger economy in terms of purchasing power parity than six EU member states - Luxembourg, Latvia, Estonia, Cyprus, Malta and Iceland. By 2029, Georgia's GDP will exceed $131 billion according to purchasing power parity.

The 10-year forecast results for Georgia have been compared to the pre-pandemic period of 2019.