Category: Economy

Amidst global economic shifts, Georgia’s economy stands at a critical juncture. Let’s explore the key developments and prospects for the nation. Economic Outlook Georgia’s economic forecast for 2024 indicates a soft landing rather than a recession. While the probability of a recession remains at 33%, the country’s resilience and recent successes play a crucial role. Here are the highlights: GDP Growth: In 2024, Georgia’s GDP is projected to grow by…

In a concerted effort to uplift women entrepreneurs across Georgia’s diverse regions, the United Nations Development Programme (UNDP) continues its unwavering support. Recently, Zestaponi hosted an exhibition and sale, showcasing products crafted by talented women entrepreneurs. With UNDP Georgia’s backing, these women are making significant strides in their businesses. Fostering Economic Independence The collaboration between UNDP Georgia and the Embassy of Sweden in Tbilisi falls under the ‘UN Joint Program…

In a significant development, Moody’s has forecasted a robust 5.5% economic growth for Georgia in 2024. Despite the positive outlook, the country’s credit rating remains unchanged at Ba2. Let’s delve into the details: The Improved Outlook The primary reason for the improved economic outlook lies in the assessment of Georgia’s vulnerability to geopolitical risks. Moody’s has lowered this assessment, signaling greater resilience. The country’s strengths include: High Economic Growth: Georgia’s…

In the first two months of 2024, the trade turnover between Armenia and Georgia saw a significant decrease, amounting to a reduction of 103.2 million USD compared to the same period in the previous year. This downturn reflects a broader trend of economic challenges faced by the two nations, amidst a landscape of shifting regional dynamics and global market pressures. The Numbers Speak The statistics provided by GEOSTAT reveal a…

The Asian Development Bank (ADB) has unveiled a new Country Partnership Strategy (CPS) for Georgia, marking a significant shift towards sustainable development and regional integration. This five-year plan aims to transform Georgia into a green and inclusive regional gateway, fostering economic growth and societal resilience. A Green and Inclusive Gateway ADB’s strategy aligns with Georgia’s aspirations to become a regional hub, connecting the Caucasus with Europe and Asia. Economic Development…

In the first two months of 2024, Georgia experienced a significant decrease in local exports, which fell by 25.1% compared to the previous year. This downturn reflects a challenging period for the nation’s economy, particularly in the local sectors that contribute to the country’s export figures. The Economic Landscape The recent report from GEOSTAT indicates a troubling start to the year for Georgia’s trade. The total volume of goods exported…