Georgia can move into the ranks of high-income countries only by combining three essential factors: investment, technology adoption, and innovation, according to Rolande Pryce, World Bank Regional Director for the South Caucasus. Speaking to BMG, Price explained that Georgia has shown strong economic growth and proven remarkably resilient to global shocks in recent years. However, to cross the threshold into high-income status, she highlighted several key recommendations drawn from the 2024 World Development Report.
The first priority, she noted, is creating fair market conditions.
“The report makes recommendations on disciplining the very big players, the incumbents, to ensure that they operate on a level playing field, allowing new players to enter the market.”
Improving competitiveness and increasing the productivity of Georgian companies are also crucial steps, Price said.
According to her, a second area of focus is Georgia’s human capital. Price emphasised that talent attraction is central to long-term growth, particularly given the country’s small population.
She stressed that countries reaching high-income status succeed by deploying talent strategically and ensuring that workers are positioned where they can contribute most effectively.
As of Price, Georgia performs well in terms of attracting investment, one of the three fundamental pillars needed for the transition to high-income status. However, significant room for improvement remains in technology adoption and innovation.
“More can be done in terms of technology adoption. The government has allocated considerable resources to innovation, but the question is whether these resources are truly fostering innovations that benefit Georgia and Georgians.”
Despite the challenges, Price expressed confidence in Georgia’s potential. As economies grow wealthier, rapid growth becomes harder to sustain, but not impossible.
“Given your growth trajectory… I think it is certainly possible for Georgia,” she concluded.
