Paata Kvizhinadze, the Chair of the Finance and Budget Committee of the Georgian Parliament, on Tuesday praised the country’s “high” economic growth, attributing it to collaborative efforts of the legislative body and the Government.
Speaking during a presentation of the Committee’s 100-page report on its activities in 2024, Kvizhinadze expressed optimism for the current year, stating, “2025 will be a very interesting year for maintaining and further improving high economic growth and good macro-fiscal indicators”.
The Committee's report read the year 2024 had been “successful” with the economy reaching 9.5 percent growth based on preliminary estimates from the National Statistics Office of Georgia.
The report pointed out the growth aligned Georgia as a “leader” worldwide, ranking sixth among 190 countries according to the October forecast from the International Monetary Fund.
"Our high rate of economic growth surpasses that of the European Union member states, the bloc's candidate countries, and our neighbouring nations”, it said.
The document also highlighted Georgia’s fiscal performance, showcasing “one of the best” macro-fiscal indicators.
"The country has one of the best Government debt-to-gross domestic product ratios among the 27 EU member states, ranking seventh overall. Additionally, it ranks 11th in terms of budget deficit. Among the 10 EU candidate countries, Georgia stands out as well, ranking third in budget deficit and fifth in Government debt-to-GDP [ratio]”, it said.
Highlighting the impact of the economic advancements, the report noted the “high” growth rates had “significantly improved” the country’s fiscal parameters.
"The activities of the Committee have yielded positive results, as evidenced by international assessments. According to the [ International Budget Partnership's] 2023 Open Budget Index, Georgia ranks first among 125 countries worldwide in terms of budget transparency, achieving a score of 87 out of 100”, it said.
In terms of legislative activity, the Committee convened 28 meetings in 2024 for addressing 287 issues, which included 103 draft laws, six budget applications, and reports from accountable bodies.
