Levan Davitashvili, candidate for the Minister of Economy, said Georgia would experience the “highest economic growth” in the wider region and Europe this year and into the medium term.

Speaking at a joint committee meeting at the Parliament, he highlighted “consistent positive trends prevailing” in the country’s economy over the past few years, attributed the growth to the Government’s “well-thought-out, coherent, correct and effective vision and policy”.

“Georgia was poised for remarkable economic advancement… According to January-September data, our economy has grown by 9.9%. It is particularly noteworthy that, alongside this high growth over the past 2 years, Georgia has maintained a low inflation rate. In 2023, inflation was recorded at 2.5%, and by October, it had dropped to just 0.3%.

This robust economic growth has had a positive impact on the socio-economic conditions of our population. The unemployment rate has continued to decline, averaging 13.8% in the first 3 quarters of 2024.

Concerning poverty, the percentage of individuals living below the absolute poverty line fell to a historic low of 11.8% in 2023, with more than 350,000 people lifted out of poverty in just 3 years. However, despite these positive developments, we must acknowledge that poverty remains a significant challenge…

The high economic growth will enable us to gradually close the gap between the living standards of Georgia and those of developed countries.

Along with sustained economic activity and structural improvements, more than 200,000 additional jobs were anticipated to be created. The poverty rate could fall to 4% by 2028, helping to uplift an additional 290,000 people out of poverty.

The country boasted one of the most liberal foreign trade policies in the world, characterised by a simplified trade regime and customs procedures, and low import tariffs. In 2023, exports of goods increased by 60% compared to 2019, and trade turnover rose by 63%”, - said Levan Davitashvili.

He praised the Ministry’s achievements in foreign economic relations over the past years, noting Georgia had signed free trade agreements with both the EU and China: “The Government continuous its work to diversify the export markets, which would enhance the availability of domestic products in international markets and boost the nation’s economic potential… Negotiations for a free trade agreement with South Korea were set to be completed, with the agreement expected to be signed in 2025. Negotiations are also in progress with India, Israel, Gulf states, Serbia, and other countries”.