Our primary task is to sustain a high economic growth rate, for which all necessary conditions are in place. Such a statement the Prime Minister of Georgia made at a business association conference.

“It is crucial to address the current situation in the country… We have positive dynamics of economic growth over the past 4 years, reflecting on the challenges faced since 2012… It wasn’t always this way. After 2012, we endured 2 significant crises: the 1st linked to the war in Ukraine and the 2nd caused by the economic impact of COVID-19, which led to a 6.5% contraction. From 2012 to 2020, our nominal economy in dollars decreased due to these and other global factors.

There is a shift in economic performance beginning in 2021, emphasizing an average growth rate of 9.7% from 2021 to 2023, with a similar rate recorded in the first 7 months of 2024.

Unemployment has dramatically improved, dropping from 21.9% in early 2021 to 3.7% in the second quarter of 2024. During this time, we created 146,000 new jobs, and average wages have risen from GEL 1,256 GEL to over GEL 2,000. These figures reflect the success of our economic growth strategy.

Georgia has positive indicators in fiscal consolidation, a 12.5% increase in production output and a 10.3% rise in foreign direct investment. Fiscal metrics such as foreign debt, inflation, the current account deficit, and the budget deficit are all below target levels, providing a strong foundation for sustained economic growth.

I want to reiterate the importance of peace and stability. The breach of peace in Ukraine led to a 30% economic recession in the first year alone, causing significant social upheaval. Even Moldova has felt the effects, widening the economic gap between Georgia and Moldova by approximately USD 9 billion over the past 3 years.

“We are open to discussions on any topic directly related to economic growth, the business environment, and maintaining peace and stability in our country. Such dialogues are essential for maximizing our success”, - said Irakli Kobakhidze.