Diversified Resilient Economy
- Diversified non-commodity reliant economy with consistently high GDP growth across the last decade.
Top-ranked in economy environment indices
- Seventh in "Ease of Doing Business" (2020).
- 2nd in regulatory quality, 3rd in government effectiveness and 6th in control of corruption indices among upper-middle income countries (World Bank, 2021).
- Low corruption and bribery risk (Transparency International, 2022 and Trace International, 2022).
Investment-led GDP growth
Development of large public infrastructure programmes backed by multilateral international funding driving potential GDP growth.
Infrastructure expenditures have reached record-high levels in 2019-2022 and stood at 6.7% of GDP in 2022, with public investment set to continue supporting growth in the medium run.
- The resilience and flexibility of the Georgian economy have been underscored by two consecutive years of double-digit economic growth, as the economy expanded by 10.5% y-o-y and 10.1% y-o-y in 2021 and 2022 accordingly. Despite the global slowdown, Georgian economy continues to expand robustly with preliminary 9M23 growth rate at 6.8%.
Historically low inflation with 3% target set from 2018 by National Bank of Georgia
- Inflation, like elsewhere around the world, was elevated during 2021-2022, however, Inflation has started to reduce sharply in 2023 fallen below the target since April 2023 and printed at 0.7% in September 2023. Considering the latest inflation downward trend NBG has begun a gradual exit from tight monetary policy and reduced the policy rate by 100 bps during May 2023- September 2023 to 10.0%.