PM links ‘record low’ unemployment to Georgia's economic growth

Georgian Prime Minister Irakli Kobakhidze has attributed the country's “historically low unemployment rate” to sustained economic growth, saying the government's priority remained maintaining strong economic expansion.

Speaking to journalists on Thursday, Kobakhidze commented on recent assessments by the International Monetary Fund regarding the decline in unemployment to a record low level in Georgia.

"The main driver behind everything is economic growth," Kobakhidze said. "Our economy has been growing rapidly over the past five years."

According to the prime minister, Georgia's economy expanded from approximately $16bn in 2020 to more than $38bn today when measured in nominal US dollar terms.

He argued that rapid economic growth naturally leads to improvements across a range of economic indicators, including employment.

"As a result, we now have the lowest unemployment rate in our history," Kobakhidze said. "The key priority for the future is maintaining a high rate of economic growth, and the government is working very actively in that direction."

In separate remarks, Kobakhidze also welcomed Georgia's position in the latest ranking by the Chandler Institute of Governance, which placed the country 25th globally for bureaucracy quality and 17th among European countries.

The prime minister said the ranking reflected the efficiency of Georgia's public administration and its ability to support economic activity.

"Georgia's bureaucracy functions properly and does not create excessive barriers for either businesses or citizens," he said.

Kobakhidze argued that efficient public administration helps facilitate business activity and contributes to the country's competitiveness.

"In this respect, Georgia is among the leading countries in the world, and this is reflected in international rankings," he added.