Georgian PM claims economy redoubled after pandemic

In an address at the 22nd ministerial meeting of the Central Asian Regional Economic Cooperation (CAREC) programme, Prime Minister Irakli Gharibashvili highlighted Georgia’s “remarkable economic achievements” post-pandemic.

He claimed the country’s economy had not only rebounded but has soared to a double-digit growth rate. He noted Georgia witnessed a “serious increase” of over 10 percent in both 2021 and 2022, and the positive momentum had been sustained throughout 2023, boasting an average economic growth rate of seven percent in the first nine months. 

Garibashvili further noted the inflation rate remained below one percent during this period, and added the national economy had tripled since 2012. 

“Back then, the nominal gross domestic product (GDP) stood at 27 billion GEL, and current forecasts project it to reach 86 billion GEL by 2024. Furthermore, the nominal gross domestic product is anticipated to hit 8,000 US dollars by the end of 2023, marking a nearly twofold increase within a year”, he said. 

Highlighting Georgia’s economic resilience, Garibashvili pointed out that international reserves reached an all-time high in July, while unemployment and poverty rates plummeted to “unprecedented lows”.In addressing global concerns about energy and climate change, the PM unveiled initiatives in renewable energy sources such as water, wind, solar, and other sustainable options. He noted the goal was to attract investors for the construction of additional power plants, tapping into Georgia’s “abundant” green energy potential.

“Georgia is actively engaged in developing projects in energy efficiency and is committed to formulating policies aligned with the UN Framework Convention on Climate Change. These initiatives align with Georgia’s aspirations for closer association with the European Union”, he noted. 

The official also emphasised the significance of the regional program of economic cooperation in Central Asia, highlighting the collaborative efforts to achieve “common goals for prosperity and sustainability”.