Levan Davitashvili, the candidate for the position of the Minister of Economy, on Tuesday said Georgia had enjoyed “one of the highest economic growth rates” among the countries of the wider region and Europe and the candidate states for European Union membership in 2023.
Our forecasts about the fast, stable growth and development of the Georgian economy come true every month, and are now grounded by the statistical data of 2023″, Davitashvili told the Parliament.
He said the Georgian economy had grown by seven percent last year and added the growth would continue “at a high level” in 2024 and the coming years.
The gross domestic product per capita will exceed $8,500 in 2024. Inflation has remained below the target rate [of three percent] since April 2023. Last year’s average annual inflation was 2.5 percent, while it has been less than one percent for the last eight months”, Davitashvili said.
“Record-high” figures of the external trade turnover, tourism revenue and foreign direct investments were also mentioned in the address.
Last year exports rose by 9.1 percent [year-on-year] to a record $6.1 billion. Revenue from tourism increased by 17.3 percent and reached a record volume of $4.1 billion. FDIs are maintained at a sustainable level, with Georgia having one of the highest indicators in relation to the GDP among the countries of the wider region and Europe”, Davitashvili said.
He also said the unemployment level had decreased to a “historical low” last year.
According to preliminary estimates, the lowest level of unemployment will be recorded in 2023 data, and the level of employment will also hit a record-high. The main focus of the Government’s economic policy will be to reduce poverty, promote employment and increase the well-being of the population”, the candidate for the Minister pointed out.
Davitashvili said the Government’s economic policy looked to “improve the competitiveness of the private sector, carry out structural reforms, expand the export potential and improve the quality of trade”.
The economic policy will be aimed at maintaining macroeconomic stability, consistently overcoming economic challenges and effectively using existing opportunities – promoting energy security, diversifying the country’s economic functions and improving connectivity with the EU”, he told MPs.
He added the process of economic integration with the EU would be “strengthened” and “move to a new level”.
