PM: Georgia on right path to development, economy flourishing, nation becoming wealthier

Prime Minister Irakli Garibashvili on Monday claimed “Georgia is on the right path to development. Our economy is flourishing, the nation is becoming wealthier, and our citizens are reaping the benefits of this economic prosperity.”

Presenting the 2023 report of his Government’s work, the highlighted the “remarkable economic progress| that Georgia has witnessed during his tenure. 

He said the average salary for employees in 2012 – under the previous Governmnet – stood at approximately 750 GEL. Fast forward to 2023, he noted the average salary has surged to 1850 GEL, marking a 2.5-fold increase over the past 11 years. “This upward trend is mirrored in the business sector, where the average salary has also seen a remarkable 2.5-fold increase compared to 2012, rising from 780 GEL to 2000 GEL”, he said. 

He also announced that Georgia has ascended in the World Bank’s income classification, now ranking among countries with higher-than-average income. Projections suggest that by 2028-2030, Georgia is expected to approach the median standard of Central and Eastern European countries, reflecting a steady rise in per capita income, considering purchasing power, he claimed. 

The Prime Minister further underscored the government’s fiscal responsibility, noting a “significant reduction” in the government debt ratio to 38.2%. “Just three years ago, the government debt had exceeded 60%”, he said,, highlighting the administration’s “successful efforts” to curtail and manage national debt.

Addressing the budget deficit, Garibashvili assured the public that the government is maintaining a low deficit, with this year’s figure at 2.8% and a further reduction to 2.5% anticipated for the coming year.

The Prime Minister also highlighted the “robust growth” in non-bank deposits, showcasing a “staggering increase”. In December 2012, non-bank deposits stood at 2.8 billion GEL in national currency and 4.9 billion GEL in foreign currency. By October 2023, these figures surged to 24.7 billion GEL in national currency and 25 billion GEL in foreign currency—a remarkable 800% increase in national currency deposits and a 400 percent  increase in foreign currency deposits, the PM said.