Georgian PM: country leading economic growth in region, Europe according to IMF report

Georgian Prime Minister Irakli Kobakhidze on Thursday emphasised the country's anticipated economic growth, citing the latest report from the International Monetary Fund that positions Georgia at the forefront of economic progress in both the wider region and Europe.

We are experiencing unprecedented economic progress. We are ranked first in our region and across Europe for economic growth. This year’s data reflects this achievement, and according to medium-term forecasts from the International Monetary Fund, Georgia is projected to maintain its top position in economic growth. We believe even this forecast may be exceeded”, Kobakhidze said.

This focus on development and economic growth is what truly matters for our society, rather than political distractions proposed by the radical opposition. Our priority will be to concentrate on the country's advancement from start to finish. Despite being in an election period, the Government and each ministry continue to work tirelessly to ensure ongoing economic progress and development across all sectors of the country”, he added.

The Prime Minister attributed the growth to the “effective” economic policies implemented by the Government, stating the current forecast for this year saw Georgia’s growth rate at 2.5 times higher than that of other European Union membership candidate countries, with a 1.6-fold advantage projected for the years 2024 to 2029.

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Our goal is to accelerate our economic growth even further. We have consistently outperformed the forecasts provided by the IMF. We are confident our growth will surpass their predictions once again. We have developed a comprehensive plan aiming to boost the country’s economy to over ₾130 billion ($47.45) by 2028. This plan includes specific programmes and projects that we believe will help us achieve this objective”, he said.

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Additionally, Kobakhidze outlined “ambitious” targets in various sectors, including tourism, where he projected the number of visitors could reach 11 million by 2028. “This surge is expected to boost tourism revenues to $6.4 billion”, he said.

In terms of energy independence, the Prime Minister announced plans for Georgia to become “fully self-sufficient” by 2030, with installed capacity of electricity generation expected to exceed 10,000 MW. “This will strengthen the political independence of the country”, he noted.

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The agricultural sector was also addressed, with the Prime Minister revealing that Government-supported programmes were in place to “double agricultural output and exports in the next four years”, emphasising the importance of strengthening rural areas.