Deputy Economy Minister on ADB report: Georgia to experience "highest" economic growth in wider region

Vakhtang Tsintsadze, the Deputy Economy Minister of Georgia, on Wednesday said the country was projected to experience the "highest" rate of economic growth this year compared to other countries in the wider region, according to the Asian Development Bank's latest report.

The Deputy Minister added as opposed to the previous prediction, the forecast of the country’s economic growth had “increased most” in comparison to the wider region’s countries, the Economy Ministry said.

“According to the report, the inflation forecast in Georgia has been revised towards the reduction and amounted to an average of 2.5 percent. Also, the ADB highlighted [in its report] the reduced unemployment owing to the rapid economic growth, under the data of the second quarter of 2024, it fell to a historical minimum - 13.7 percent”, he noted.

The ADB report said in 2024, Georgia would have the “highest economic growth” not only among the Caucasus and Central Asian countries but also among the East Asian, South and Southeast Asian ones as well.

The Deputy Minister also emphasised the “positive expectations” of the Government’s economic team, saying “the trend of rapid economic growth” would continue further in the coming months and would be “higher” than the forecast of the international financial institutions.