I would like to point out that the budget is planned conservatively, and we have a 5% economic growth allowed for in 2024, Georgian Prime Minister said at today’s Government meeting.

According to Irakli Garibashvili, the nominal GDP forecast is set at 85 billion 370 million GEL.

“We are gathered here today to refer the revised version of the draft budget to the parliament.

As you know, we worked quite intensively on the initial version of the budget as well, and then we referred it to the Parliament in late September, working thereafter together with each Ministry, holding working meetings with the Parliament, with the majority, committees, and we coordinated the budget’s initial version in detail with everyone. Then we developed the second version, which we are now presenting.

I want to underline that the budget is planned conservatively, and we have a 5% economic growth allowed for in 2024. At the same time, I would like to note that the budget deficit is down to make up 2.5% in 2024, and it will further decrease in subsequent years, while the government debt is 38.2% of GDP, a very low indicator while being as high as over 60% just three years ago. And we achieved this rapidly, in a very short period.

I also want to say that, even under the conditions of such conservative planning, the nominal GDP forecast is set at 85 billion 370 million GEL. For comparison, I want to remind our society that it was 27 billion in 2012, i.e., our country"s entire economy has tripled under our rule, in 11 years. It will be 85 billion in 2024, while it was 27 billion in 2012.

I also would like to remind you that GDP was 50 billion GEL in 2020. In other words, I repeat that we have about 30 billion in growth over these three years. GDP per capita was 4,250 USD, but in 2024 we will have 8,500 USD. This is the kind of growth we have in the course of just three years.

"With this pace of growth continuing, nominal GDP growth is expected to reach about 108 billion GEL by 2027, exceeding 10,800 USD per capita. This is a very promising forecast. You know that we previously forecasted 10,000 USD by 2030, but now you see what a giant leap we made in just two-three years”, - said Irakli Garibashvili.