WB Regional Director Names Main Challenges For Georgia
Sebastian Molineus, World Bank Regional Director for the South Caucasus declares that he is impressed with Georgia's economic growth trend, but the country still faces several major challenges that need to be solved, including inequality, low productivity and low rate of growth in the quality of work.
"I am glad that I have the honour to present the country's economic memorandum. This is a ten-year amazing history of Georgia. Before the pandemic, the country had an average annual economic growth of 5% and it was the state with the fastest-growing economy in the Europe and Central Asia region.
Even after the COVID-19 pandemic, the country is experiencing double-digit economic growth, which is due to strong macroeconomic policies and business sector reform.
Nevertheless, several problems remain to be solved. The first is inequality, especially in the regions of the country. The second is low productivity and the last, but the most important thing is that the quality of work in the country is not growing at the required rate compared to other states," Molineus said.