Georgian PM hails his Government for “9.7% economic growth” in 3 years

Georgia’s Prime Minister, Irakli Kobakhidze, has praised his government’s efforts for delivering a “robust economic progress”, with the country achieving a “9.7% average growth between 2021 and 2023”.

Speaking at the World Governments Summit in Dubai, Kobakhidze highlighted that preliminary data suggested a “continued strong performance, with an estimated growth of 9.5%”.

The Prime Minister noted that Georgia’s economic growth was expected to outpace regional and European nations in the coming years, citing the International Monetary Fund’s forecast. He also emphasized Georgia’s foreign direct investment (FDI) achievements, with the FDI-to-GDP ratio among the highest in its peer group, projected to exceed 6% on average over the 2022-2024 period.

Kobakhidze also highlighted “record figures” in exports and tourism, with exports of goods increasing by 7.8% in 2024 to reach $6.6 billion, and tourism revenues climbing by 7.3%, breaking a “historical record” at over $4.4 billion.

Acknowledging the country’s “economic stability”, the Prime Minister pointed to Georgia’s “low inflation rate, one of the lowest in the region”, and attributed this to “strong productivity and GDP improvements”.

In his speech, Kobakhidze also touched on Georgia’s strategic role as a key international hub, positioned at the crossroads of Europe, Asia, the Middle East, and South Asia. He reiterated the country’s ambition to become a major digital hub and connectivity node between these regions.