Georgian PM highlights “robust” economy, FDI up by 10% despite opposition's “efforts to incite unrest"

Georgian Prime Minister Irakli Kobakhidze on Monday highlighted the country’s "robust" economic system and "sound" policies, which he said had contributed to its “economic progress” and a 10 percent growth in foreign direct investments, despite the "radical" opposition's “efforts to incite unrest" in the country.

Kobakhidze made the comment following latest data from the National Statistics Office, which showed the FDI in the country had amounted to $574.3 million in Q2, up by 10.3 percent from the adjusted data of the same period of 2023.

The Prime Minister also noted the national economy grew by 13 percent last month year-on-year, while an average growth of the first seven months had reached 9.7 percent.

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During these four years alone, our economy grew by ₾40 billion ($14.87bln). For example, we have surpassed Moldova by about $9 billion [...] This means [Georgia’s] budget will receive about ₾10 billion ($3.72bln) more in 2024 than it did four years ago. All this is the result of correct economic policy”, he said.

He stressed the “sustained growth” had led to a “historic reduction” in unemployment, adding the rate had nearly halved since 2012, with 680,000 citizens lifted out of poverty.

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When the United National Movement party [in office before 2012] was proud of its economic policy, in fact, 1,120,000 people lived below the poverty line. Today this figure is 440,000 people. The main thing is to continue like this. The main condition for this is to maintain peace”, Kobakhidze said.

[Over one million] people lived below the poverty line at that time and the bloody regime of the UNM was praised by Americans and Europeans [...] Our priority is peace, stability of this country, economic progress, improvement of the social condition, we follow this and not the external statements of some people, sometimes this statement will be fair, sometimes unfair, it is not interesting, it is interesting what our country needs”, he added.

Furthermore, the Prime Minister highlighted the Government's “commitment to peace and stability”, noting the country had “not experienced a war during the current administration”, which he described as a “milestone” in the nation's history.

We follow the national interests of Georgia, our priority is peace, stability, economic progress [...] Our task is to have an even higher rate over four years than we had during these four years. We have maintained continuous peace for our country, [and] the [spell of the] Georgian Dream Government is the first after the restoration of independence during which the country has not had a war”, Kobakhidze added.

He emphasised the Government’s policies were “driven by the aim of improving the social conditions of its citizens and ensuring continuous economic advancement”.