Georgia remains “regional leader” with World Bank’s growth rate projected at 9% for 2024

Georgian Economy Minister Levan Davitashvili on Friday said Georgia was remaining  the “leading country” in the wider region with a projected economic growth rate of nine percent for 2024, according to the latest Global Economic Prospects’ report from the World Bank.

Despite various political forces making unfounded predictions, preliminary results indicate that we should achieve a nine percent growth by the end of 2024. Notably, the planned growth rates for 2025 and 2026, as projected by the World Bank, are also maintained”, said Davitashvili in  his evaluation of the report.

The World Bank projected Georgia to have the highest average economic growth in the Europe and Central Asia region, with a rate of 6.7 percent from 2024 to 2026. The Bank has revised its economic growth assessments for the country, increasing the forecast for 2024 to nine percent, which is an increase of 3.8 percentage points compared to the June 2024 forecast.

The growth forecast for 2025 has also been raised to six percent,  one percentage point higher than previously estimated. For 2026, the growth rate is expected to remain at five percent, unchanged from the June 2024 estimate.

The Ministry of Economy said Georgia’s performance not only positioned it as a “leader” in Europe and Central Asia but also put the country ahead of other European Union membership candidate countries.

It said the average growth forecast for Georgia in 2025-2026 was 1.5 times higher than that of other EU candidate countries and five times greater than the growth rate anticipated for the Eurozone economy.

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