Georgian PM highlights economic achievements, Gov’t’s commitment to growth, prosperity in UN General Assembly speech

Georgian Prime Minister Irakli Kobakhidze on Wednesday highlighted the country's economic achievements and social progress in his address at the ongoing 79th session of the United Nations General Assembly, emphasising resilience to external shocks and “significant” growth in various sectors.

Georgia has demonstrated remarkable resilience to external shocks. Our average annual economic growth since 2021 has been 9.7 percent. Thanks to strong macroeconomic fundamentals and fiscal discipline, the Government debt and fiscal deficit declined to 39.3 percent and 2.5 percent, respectively. Georgia has maintained one of the lowest regional inflation rates, further showcasing its economic stability”, Kobakhidze said.

The Prime Minister emphasised a halving of the poverty rate over the last 10 years, but highlighted the Government's commitment to further reducing poverty and inequality as a core part of its socio-economic development agenda.

In 2023, the employment rate showed significant improvement, coinciding with an increase in the labour force participation rate. The positive trend continued in the first half of 2024 as well, when the unemployment rate decreased to a record low of 13.7 percent”, he said.

Kobakhidze highlighted Georgia’s “effective performance” in international rankings from the world’s “most reputable agencies”, telling the session that:

• The Global Competitiveness Survey by the World Economic Forum ranks Georgia 20th in the world and 11th in Europe in terms of Corruption Control, while in terms of Rule of Law, Georgia ranks 29th in the world and 14th in Europe.
• The International Budget Partnership’s Open Budget Survey ranks Georgia as number one in terms of Budget Transparency globally.
• Transparency in the Time of War by the European Research Centre for Anti-Corruption and State-Building placed Georgia 17th in its 2023 ranking, ahead of 15 EU member states and four G7 states.
• Georgia is the 25th freest economy in the world according to Fraser Institute’s Economic Freedom of the World report.
• The Heritage Foundation's Index of Economic Freedom ranks Georgia 19th in Europe and 32nd globally.
• According to the OECD FDI Regulatory Restrictiveness Index, Georgia ranked eighth among more than 80 countries as one of the most open economies in the world in terms of attracting investments.

The Prime Minister noted the country had attracted $1.9 billion in foreign direct investments in 2023, which represented 6.2 percent of gross domestic product.

In the post-pandemic period until now, Georgia has attracted $6.2 billion in FDI, further supplementing its transformation into a regional multi-functional hub that serves all things business”, he said.

Kobakhidze added the country had hosted over seven million tourists last year, showing a “strong” bounce back in post-Covid recovery, and maintained “one of the lowest crime rates” globally.

According to Numbeo, Georgia ranks eighth in Europe and 21st globally, thanks to our law enforcement agencies and professionals”, he said.

The Prime Minister emphasised the Government’s commitment to the growth and prosperity of the country, noting that, despite the illegal occupation of 20 percent of its territories the Government was dedicated to ensuring a “better, stronger, and more dignified Georgia”.