As a result of our coordinated work, right and effective steps made by the Government of Georgia as well as rather constructive approaches of NBG Governor, we succeeded in completing 2021 with a double-digit economic growth even when quite competent people thought that country was facing a default. It was announced by Irakli Garibashvili, Prime Minister of Georgia when delivering a keynote speech at the event summarizing the performance of NBG Governor today.
According to Irakli Garibashvili, the Government of Georgia did its best to have peace, stability and high economic growth in the country.
“Dear Friends, let me greet you all. I greet and welcome Governor Gvenetadze, Speaker of the Parliament of Georgia, Members of Parliament and Government of Georgia, esteemed Ambassadors, business owners. I wish to thank you all. First of all, I wish to express my gratitude to Governor Gvenetadze for his productive and successful service. I wish to use this opportunity and once again summarise the successful economic policy in Georgia and achievements made in the financial system, in which Koba Gvenetadze has his own contribution as a Governor of the National Bank of Georgia (NBG).
Our government did its best to have peace, stability and high economic growth in the country. You may remember the huge loss incurred as a result of the pandemic, followed by a geo-political reality, which was most difficult. Irrespective of these two huge challenges, we have had a double-digit economic growth for the last two years. I wish to briefly recall how I met Governor Gvenetadze two years ago. I remember that country was challenged with a severe political and economic crisis. It was augmented by the pandemic and lack of vaccines. I will also remind you – very briefly – what conditions existed in the country when my term started: the budget deficit was almost 10%, while the public debt exceeded 60% to Gross Domestic Product (GDP). Exchange rate of the national currency (GEL) was almost 3.4 against the dollar. We had an economic downfall, reaching 6%. We did not have vaccines, the economy was in a complete lock-down, augmented by a political crisis. In these conditions I came to know Governor Gvenetadze two years ago. I recall our first substantial and lengthy discussion. I also remember the projections made back then by the NBG Management as well as those within the Government prior to our entry. Nevertheless, our coordinated work has led to the proper and effective steps made by the Government of Georgia, supplemented by most constructive approaches of Governor Gvenetadze. As a result, we succeeded in completing 2021 with a double-digit economic growth even when quite competent people thought that country was facing a default” added Irakli Garibashvili, Prime Minister of Georgia.
The Head of Government of Georgia expressed his gratitude to Governor Gvenetadze for his service and highlighted the significance of coordinated work of the Government and National Bank of Georgia.
“Today, the budget deficit is 2.8%, while economic growth was 10% last year. We significantly reduced the public debt – almost to 38%. Gross Domestic Product (GDP) is at its historic maximum, as it will reach 25 BLN USD, i.e. equivalent to almost 80 BLN GEL. GDP Per Capita will be 8000 USD and the exchange rate of GEL will range between 2.6 and 2.65 against a dollar. In addition, the unemployment indicator is at its historic minimum. The same applies to the poverty level. What is most important, economic growth during these two years has enabled Governor Gvenetadze and NBG Management to replenish the international reserves of the country to its maximum. It is a brief summary of the most constructive and coordinated work of the Government and National Bank of Georgia. Governor Gvenetadze elaborated on the significance of the NBG and recalled its history. I also wish to confirm that we – of course – respect its independence, which is ensured by the Constitution of Georgia. Nevertheless, I need to note that the Government and National Bank of Georgia need more coordinated, healthy cooperation. What I have told you is a result of such interaction. I wish to sincerely thank Governor Gvenetadze. We have had a number of meetings. Different viewpoints existed at some occasions. There were healthy arguments, criticism as well, but we would always agree eventually on the main goal – national interests of the country. What was needed and is needed for the country at any given time and place was our guiding principle, spirit and responsibility we jointly had for the past 2 years. You are a witness of the truly impressive results. One of the key aims and goals of the NBG is to promote financial stability as a precondition of a sustainable economy. Lastly, I wish to say that with targeted, effective and constructive decisions of Governor Gvenetadze, performance of the NBG was most positive. Once again, I express gratitude to Governor Gvenetadze for his service. You truly served at a demanding position for the past 7 years, have seen a number of Prime Ministers and I am the one bidding farewell now. I wish you every success and thank you!” concluded Irakli Garibashvili, Prime Minister of Georgia.
Audience gathered at the event were addressed by MP Shalva Papuashvili, Chairman of the Parliament of Georgia; Koba Gvenetadze, Governor of the National Bank of Georgia (NBG); pre-recorded video greetings were aired from Paul Hilbers, Executive Director of the International Monetary Fund; Martin Galstyan , Governor of the Armenian Central Bank; Octavian Armasu, Governor of Moldovan National Bank.
Event was attended by the executive and legislative authorities, and diplomatic corps accredited in Georgia.
