As a result of effective governance and forward-looking policies, Georgia achieved significant economic growth of 9.7% on average in 2021-2023, Georgian Prime Minister Irakli Kobakhidze said in his speech at the World Government Summit.

As Kobakhidze noted, according to preliminary estimates, economic growth in 2024 amounted to 9.5%.

“According to the International Monetary Fund, Georgia will have the fastest economic growth in the medium term among countries in the region and Europe. The ratio of Georgia’s foreign direct investment to gross domestic product (GDP) is one of the highest among similar countries and will exceed 6% on average in 2022-2024. Record figures were recorded in exports of goods and revenues from international tourism. In 2024, exports of goods increased by 7.8% and reached $6.6 billion, while tourism revenues showed a 7.3% increase and exceeded the historical maximum of $4.4 billion,” Irakli Kobakhidze said.

According to him, Georgia maintains one of the lowest inflation rates in the wider region, which once again demonstrates its economic stability.

“Low and stable inflation, along with strong economic growth, may be due to improvements in productivity and potential gross domestic product (GDP),” Irakli Kobakhidze said.

The government administration released Irakli Kobakhidze’s speech at the World Government Summit.