Georgia’s Economy is Doing Well, Says Minister
Despite some challenges, Georgia has one of the highest economic growth rates in Europe. This was said by Levan Davitashvili, the country‘s Minister of Economy and Sustainable Development.
In his speech at a conference for ambassadors, Davitashvili mentioned that Georgia’s economy grew by double digits in 2021-2022. In 2023, it grew by 7.8%. And this year, from January to October, growth was 10%.
Davitashvili thinks high economic activity will help reduce the gap between living standards in Georgia and those in developed countries.
He also talked about other positive trends in Georgia’s economy. For example, the number of people looking for work decreased in 2023. And over the past three years, more than 350 thousand people have escaped poverty. In 2023, 11.8% of the population lived below the poverty line, which is a record low.
Davitashvili said Georgia’s inflation rate has been low too. It was 2.5% in 2023 and only 1.3% last November. He thinks this trend will continue into next year.
The Minister also talked about important projects that will help make Georgia more competitive. These include a new deep-sea port, a new airport in Tbilisi, a submarine cable to connect the country with Europe, and investments in renewable energy.