World Bank data shows Georgia’s international poverty rate projected to reach historic low in 2024

The World Bank’s Global Welfare Database showed that Georgia’s international poverty rate was set to reach a new historic low in 2024, placing the country among the top five globally in terms of poverty reduction over a 12-year period.

Global Welfare Database releases results from a 14-year global poverty review, highlighting changes in poverty alleviation and welfare parameters worldwide.

The report reveals that, compared to 2012, Georgia, along with China, the Philippines, Indonesia, and Guyana, is among the top five countries reducing international poverty rate the most significantly by 2024.

The international poverty rate in Georgia is projected to decrease to 3.07 percent in 2024, a reduction of nearly three and a half times compared to 2012 levels.

In 2012, approximately 400,000 people in Georgia lived below the international poverty threshold, whereas by 2023, this number had decreased to around 131,000.

The 2024 forecast indicates that the number of people living within the international poverty line in Georgia will decrease by 17,000 annually, bringing the total to 114,000.

The report also predicts that poverty reduction in Georgia will continue, with the international poverty rate expected to drop to 2.23 percent by 2026. By that time, the number of people living below the international poverty line is projected to be 83,000, representing a 37 percent decrease from 2023 and a fivefold reduction from 2012.

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