International experts working on Georgia’s postcrisis economic plan with support from USAID praise the Georgian Government’s fiscal policy during the pandemic as correct and timely. Today, the world’s leading economists were welcomed to Georgia by Finance Minister Ivane Machavariani and the Prime Minister’s Economic Advisor Beka Liluashvili together with local experts and representatives of think-tanks.
According to the international experts, the Georgian Government’s steps toward supporting citizens affected by the pandemic, and businesses, are in line with the world"s best practice and significantly outsize the country"s resources.
The meeting discussed the pandemic’s impact in Georgia’s economy, alongside recommendations on the further development of the country’s fiscal policy. The Government’s representatives emphasized that the state’s supportive measures, both during and after the crisis, have been targeted and socially oriented.
On the international experts’ recommendation, Georgia must continue its ongoing reforms and work on the development of even more effective mechanisms to support the private sector.
The meeting also discussed Georgia’s taxes. According to the international experts, the share of Georgia"s budget revenues in GDP is lower than in other countries, a fact once again illustrating the country"s low taxes.
The conversation also touched on support for investments and steps to be taken in this direction.
The Government of Georgia, in cooperation with international experts and with support from USAID, continues working on the country’s medium- and long-term economic recovery plans. Meetings are held in the formats of several working groups. Local analysts and think-tanks are actively involved in the working process.