“Through effective governance and forward-looking policies, Georgia achieved remarkable economic growth in 2021-2023 with overall 9.7%,” stated Georgian Prime Minister Irakli Kobakhidze during his speech at the World Government Summit.

He said that according to preliminary estimates,  economic growth reached 9.5% in 2024.

“According to IMF projections, Georgia will ensure the fastest economic growth in the medium term  among regional and European countries. Georgia’s FDI to GDP ratio is one of the highest among peer countries and exceeds 6% on average in 2022-2024.

The record figures were observed in the export of goods and international tourism receipts. In 2024 export of goods increased by 7.8 percent and amounted to 6.6 billion USD, while tourism revenues increased by 7.3% and amounted to a historic maximum of 4.4 billion USD.

Additionally, Georgia has maintained one of the lowest inflation rates in the broader region, further showcasing its economic stability. The coexistence of low and stable inflation alongside robust economic growth could be attributed to improvements in productivity and potential GDP,” the PM stated.

The Prime Minister said that Georgia made significant progress in creating a business-friendly environment and expanding economic opportunities.

“Under our government, the country has made significant progress in creating a business-friendly environment and expanding economic opportunities. With a highly favorable trade framework, Georgia enables companies to access 2.3 billion consumers without facing customs or import tariffs.

In the World Bank’s Business Ready 2024 Georgia is in the top three among 50 countries, along with Singapore and Estonia. The purpose of the B-READY rating is to quantitatively and qualitatively evaluate the business environment for the development of the private sector.

According to the 2023 results of World Bank “Enterprise Surveys”, the business environment in Georgia is better in almost all aspects compared to both the World and Europe and Central Asia countries average data.

Additionally, Georgia remains the 3rd least tax burdened (rate – 9.9%) country globally, according to the World Bank.

According to the Fraser Institute “Economic Freedom of the World 2024”, Georgia Ranked 21st globally. Georgia is ahead of 19 EU member countries and is the unquestioned leader among all EU candidate countries and the wider region. According to Open Budget Survey (OBS), conducted by the International Budget Partnership (IBP), Georgia is 1st in the world in terms of Budget Transparency.

Based on the Investment Policy Assessment, Georgia was ranked for the first time in the FDI Regulatory Restrictiveness Index of OECD and additionally took the 8th position among the most open economies in the world in terms of attracting investments.

Heritage Foundation “Index of Economic Freedom 2024” ranks Georgia 19th position in Europe, ahead of many EU countries and 7 EU candidate countries,” he added.