Georgian Prime Minister Irakli Garibashvili has addressed the China-Georgia Business Forum, focusing on a number of areas.
The PM stressed that “despite facing a challenging geopolitical landscape in the region, as well as a global economic downturn, Georgia has demonstrated resilience by maintaining economic stability.”
He also said that the country achieved “remarkable growth of the Georgian economy reaching significant milestones.”
The PM provided the following statistics “vividly reflecting the evidence of our progress.”
“Thanks to our strong economic policies and the increased activity in sectors, such as transport, logistics, financial services, construction, energy, and tourism, we have achieved double-digit economic growth for two consecutive years, recording a GDP growth rate of 10.1% in 2022, following a remarkable growth of 10.5% in 2021. This positive trajectory continues into 2023, with an average economic growth rate of 7.6% from January to June.
Looking ahead, IMF projections indicate that Georgia will have the fastest economic growth among regional and European countries in the medium term (2023 – 2028), with the projected growth rate of 5.1%.
As you are well aware, inflation has emerged as a global challenge, and it continues to be a significant concern for many powerful economies worldwide. However, we have taken effective measures resulting in an inflation rate of only 0.6% in June. Moreover, the inflation is expected to remain below the projected levels for this year.
Additionally, Georgia’s sovereign credit ratings have exceeded pre-pandemic levels, reflecting our country’s resilience and strong economic performance. Fitch Ratings raised Georgia’s outlook from BB ‘stable’ to BB ‘positive,’ attributing this positive change to our Government’s effective governance, economic development, and credible macro-fiscal policy framework. These favorable ratings underscore the confidence placed in Georgia’s economic prospects and policy management.
Our achievements have gained global recognition with Georgia praised by various international institutions for cultivating a supportive legal and business environment. As a result, my country has secured leading positions worldwide:
● According to World Bank’s “Ease of Doing Business (2020)”, Georgia ranks 7th amongst 190 countries;
● In terms of Budget Transparency, the Open Budget Survey (2021) ranks Georgia as a world leader, placing us at No.1;
● According to the Fraser Institute’s Economic Freedom of the World 2022 report, Georgia ranks among the top 15 countries with the freest economies, securing the 15th position out of 165 nations globally;
● The Heritage Foundation Index of Economic Freedom 2023 ranks Georgia 21st in Europe well ahead of 11 EU member states;
● According to the report – “Transparency in the Time of War” by the European Research Centre for Anti-Corruption and State-Building, Georgia has made significant progress, moving from 54th to 17th place in Transparency Index 2023.
These figures provided above represent only a small part of substantial achievements that Georgia has reached over the last decade, and I take pride in stating that enduring success is linked to my Government’s dedication to develop Georgia into a land of peace, stability and prosperity,” the PM added.