Georgia's Growing Economy Brings Per Capita GDP Closer to EU Index

The International Monetary Fund has updated its global economic forecasts, predicting that Georgia's economy will grow by 4% in 2023 and 5% in 2024. The fund's forecast also includes the inflation rate for Georgia, predicting an average inflation of 5.9% in 2021 and 3.2% in 2024. This projected economic growth will make Georgia the fastest-growing economy in the region until 2028, according to the IMF.

Vakhtang Tsintsadze, Deputy Minister of Economy, commented on the IMF's forecast, stating that high economic growth is bringing Georgia's GDP per capita closer to the EU index. The IMF predicts that Georgia's per capita gross domestic product will reach 7,600 USD in 2023 and 11,300 USD by 2028.

In 2021, Georgia's per capita GDP based on purchasing power parity was 34.5% of the EU rate, but this is projected to increase to 37.1% in 2022 and reach 46% by 2028. This places Georgia ahead of other EU candidate countries, such as North Macedonia and Moldova.

The Georgian government's main priority is to accelerate economic growth beyond what is predicted by international financial institutions. The government is working to speed up infrastructure projects and implement structural economic projects to improve the structure of the economy and increase productivity. This will allow for continued economic growth at a higher rate.

The government is also focused on improving the investment and business climate in the country to attract more investments and activate business activities, which will lead to more employment opportunities and transfer of technologies, innovations, and knowledge in the economy. This will directly impact the well-being and growth of the population.

Overall, the IMF's positive forecast for Georgia's economy is a testament to the country's progress and potential for continued growth. As the government continues to prioritize economic development and investment, Georgia is poised for a prosperous future.