Economy Minister pledges to maintain macroeconomic stability with “highly responsible” economic policy

Georgian Economy Minister Levan Davitashvili on Wednesday said the Government would “maintain macroeconomic stability because of its highly responsible economic policy”, adding he expected investors to “make objective decisions” based on the suggested stability of the domestic system.

He noted the economy was “sensitive to general instability, including the political one”, and “various threats”, with short-term effects such as “interventions with the exchange rate”. However, the Minister expressed confidence in long-term economic prospects, saying he expected “stable development”.

Davitashvili also said despite “short-term concerns” among investors, they would recognise Georgia as a “reliable long-term economy” with “proper communication”.

In recent years, the economy of Georgia showed this [trend], and it was one of the attractive environments for investors. We have received more than $5 billion in foreign direct investment over the last three years due to a favourable economic environment and trust. Investors were getting returns on their investments that they could not get in other economies”, he said.

The Minister also stressed the importance of “dialogue and communication in political processes”.

We have had many such political anxieties [but] [w]e have very clear priorities, which are related to integration with Europe”, he added.

Davitashvili noted the “primary goal” of the Government was to “enhance the standard of living, reduce poverty and promote prosperity” in the country.

The Minister mentioned a decrease in poverty to “historic low” levels and emphasised the importance of maintaining “stable economic development” to address the “significant issue” of poverty and to foster “greater prosperity in the nation”.

• Urban, rural poverty declined across Georgia in 2023 - Statistics Office

Davitashvili noted “strong” economic growth in the first quarter of the year and added inflation was “under control”, attributing the outcomes to the Government's “sound macroeconomic policies” and expressing hope for continued “encouraging results in the forthcoming months”.