Georgia’s economic growth forecast by World Bank outpaces EU candidate nations by 2.5 times

Vakhtang Tsintsadze, the Deputy Economy Minister of Georgia, on Friday said the country’s economic growth forecast for 2024 stood at 7.5 percent in the World Bank’s latest economic overview for the Europe and Central Asia region, surpassing the average growth rates of other European Union membership candidate countries by 2.5 times.

This indicates incomes in Georgia are set to grow 2.5 times more than those in other EU candidate countries. Our task is to sustain a high rate of economic growth by the end of this year and in the years to come, thereby reducing the disparity in living standards between Georgia and EU countries”, he said.

Tsintsadze also said the country had already witnessed a 10 percent average economic growth between January and August.

The Deputy Minister noted the Government was focused on attracting foreign direct investments to further stimulate economic growth.

The Government is actively pursuing this objective through various structural reforms. Significant progress is also being made in enhancing infrastructure and connectivity with the EU and neighbouring countries. Georgia’s investment and business climate is exceptionally attractive, supported by an effective regulatory framework and state programmes designed to bolster the competitiveness of the private sector”, he added.

The European Bank for Reconstruction and Development in September raised the country’s economic growth forecast for 2024 by 1.3 percentage points, to 6.5 percent, from its previous prediction in May, following “strong growth” in manufacturing output.

The Asian Development Bank has also raised the country’s economic growth forecast, saying the gross domestic product of the country would grow by seven percent this year instead of the previous projection of five percent made in April.

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