Georgian Prime Minister Irakli Garibashvili on Monday said Georgia’s average real Gross Domestic Product increase of 10.3% between January and July was an “unprecedented economic growth worldwide”.
Despite the double-digit economic growth, the mentioned numbers do not reflect the well-being of the population accordingly. Giorgi Papava, the leading economist of the ISET Research Institute considers that the reason is the short-term growth of the economy.
As he told Bm.ge, several years of economic growth are needed in order to have a positive effect on the broad segments of the population.
"When we talk about economic growth in the country, we should take into account that it needs some time to have an impact on the population. When we have a year or two of high economic growth, it does not mean that everyone's situation is improving during this period, for this we need to have similar economic growth for many years, and this growth must be stable and sustainable," he says.
