During his speech to the United Nations General Assembly, Prime Minister Irakli Kobakhdize touted Georgia’s remarkable economic growth in recent years. He said, “[Georgia’s] average annual economic growth since 2021 has been 9.7%. Thanks to strong macroeconomic fundamentals and fiscal discipline, the government debt and fiscal deficit declined to 39.3% and 2.5%, respectively. Additionally, Georgia has maintained one of the lowest regional inflation rates, further showcasing its economic stability.”
Georgia’s poverty rate has been cut in half in the last decade and the unemployment rate fell to a record low of 13.7% – meaning more Georgians than ever before have the opportunity to build wealth and pursue happy, secure lives.
Additionally, Georgia continues to be an attractive destination for foreign business investment and tourism. In 2023, Foreign Direct Investment (FDI) in Georgia amounted to more to $1.9 billion, while tourism generated $4.1 billion in revenue – a 26% increase from pre-pandemic levels.
While there are still challenges to overcome, Georgia is steadily unlocking its economic potential. The Government remains committed to further modernizing Georgia’s economy, so that it can become a full member of the European family and continue promoting peace and economic growth in the region.