“Georgia has maintained economic resilience despite deterioating global economy”: Levan Davitashvili

Tbilisi: The Vice-Prime Minister and the Minister of Economy and Sustainable Development of Georgia, Levan Davitashvili, hailed the economic development that Georgia has achieved and maintained while he spoke during the presentation of Georgia’s Economic Memorandum – “Projection of the Future for Competitive, Integrated and Strong Georgia” that is prepared by the World Bank. 

According to the Vice Prime Minister, Georgia has been able to maintain economic resilience in the light of the acute geopolitical situation in the region and globally deteriorating economic prospects.

“The high economic growth trend has further continued in 2022. After the 10.5% economic growth recorded in 2021, double-digit economic growth was recorded in January-October 2022 and reached 10%. According to the basic forecast of the Georgian government, we will finish the year 2022 with a double-digit economic growth”, the minister said during his speech.

The Country’s Economic Memorandum reflects Georgia’s achievements over the past decade and also recommends for sectoral policy so that the country can succeed in the next decade.

According to Economy Minister Levan Davitashvili, Georgia is continuing to implement complex structural reforms, which will help achieve long-term economic goals and accelerate private sector-oriented economic growth. These include reforms such as: comprehensive reform of state-owned enterprises, support of renewable energy through fiscally sustainable mechanisms and capital market reform.

Vice-Prime Minister also paid attention to Georgia’s transit potential; towards its use, a consistent policy is being implemented. According to his assessment, the transit corridor on Georgia has great prospects, that can further push up the development.

Zurab Kvaratskhelia

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