Tbilisi (GBC) - Georgian Finance Minister Lasha Khutsishvili on Wednesday said the domestic economy would “continue to grow significantly” after achieving double-digit growth over the past two years, a dynamic he said had allowed the Government to “fully recover” the losses caused by Covid-19 and return to pre-pandemic levels this year.
Speaking at the Parliament to present an updated draft state budget for 2024, Khutsishvili said the Government had been able to “fully restore both macroeconomic indicators and fiscal parameters” in a “record time” and added Georgia had been distinguished by “fiscal discipline for years”.
“This is what allowed us to respond to the challenge of the pandemic with appropriate fiscal spending, and we managed to do all this without hindering the post-crisis recovery”, he said.
The Minister compared macroeconomic parameters of the country to EU member and candidate countries by saying Georgia not only had a “better position” than their average indicators, but was in an “advanced position in a number of directions”.
“In terms of economic growth rate, Georgia ranks first among EU member and candidate countries; with its low inflation rate Georgia ranks third among EU member and candidate countries; according to low government debt [it] ranks 10th among EU member and candidate countries and is ahead of 26 countries; according to the [size] of the budget deficit Georgia ranks 16th among the EU member and candidate countries and is ahead of 20 countries", Khutsishvili told MPs.