Economy Minister: Georgian economy to become “one of fastest-growing” in Europe, wider region

22.04.24 16:55

Georgian Economy Minister Levan Davitashvili on Monday said the country’s economic growth forecast was “positive” in the medium term and the domestic economy was set to become “one of the fastest-growing” in Europe and the wider region.


Speaking at the economic forum Challenges of the Georgian Economy: Geopolitical Role, Investments and Economic Growth, Davitashvili highlighted forecasts and trends, sectoral priorities and challenges, large infrastructure projects, structural reforms and cooperation between the state and the business.


The forecast of the International Monetary Fund shows Georgia will be one of the fastest-growing economies - in fact, the fastest-growing economy among the countries of Europe and the wider region, with economic growth above five percent until 2029”, he said.
IMF projects Georgia to join world’s top three for decadal economic growth.

He also said the growth rate was expected to be above 5.7 percent this year and stressed the country could achieve “even higher” numbers.


The Minister also reviewed the current investment sector, saying transport, logistics, service and tourism sectors had recorded “high investment activity” last year. He also emphasised the “high economic activity” had led to a “record-high” employment and a “record low” in unemployment last year.


In the future, we will focus on productivity growth and the technological transformation of the country. The Ministry is actively working on the policy that will allow the country to achieve this goal”, he said.

Davitashvili also highlighted the importance of the Middle Corridor - a logistics route connecting Central Asia and China to Europe via the South Caucasus - for Georgia’s economy. He mentioned large infrastructure projects that he said would increase the Corridor's capacity and its economic efficiency.


The official noted the volume of cargo transported through the Middle Corridor had doubled in 2022 and again risen by about 86 percent in 2023. He also mentioned the roadmap for the period until 2027 which outlines each participating country’s tasks for improving road infrastructure, management and coordination along the route.


Davitashvili emphasised the plans would reduce prices and shipping times and increase safety. He also mentioned Georgia's natural location could allow it to play a “vital role not just as an ordinary link in the chain but as one of the leading ones, including at the political level”.

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