Georgia ranks 36th in the Steve Hanke Suffering Index

Georgia in the Hanke Poverty Index

According to 2022 data, Georgia is ranked 36th out of 157 countries in the annual Steve Hanke Suffering Index [a poverty index that assesses the economic situation in different countries].

The Hanke Index methodology includes three elements:

● unemployment rate;
● inflation rate;
● using data on interest rates as indicators.

Countries where these indicators have the most negative impact on the economy occupy leading places in the index.

Among them are Zimbabwe, Venezuela, Syria, Lebanon, Sudan, Argentina, Yemen, Ukraine, Cuba, Turkey, Sri Lanka, Haiti, Angola, Tonga and Ghana. These countries occupy the first 15 places of the poorest countries in the world.

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It should be noted that on June 6, the American edition of CNBC published an extensive article stating that the economies of the Caucasus countries, especially Georgia and Armenia, have grown dramatically since the start of the war in Ukraine. However, according to the publication, now these countries are in danger of “revenge” from the West.

The article notes that, according to the International Monetary Fund, in 2022 the economy of Georgia grew by 10.1 percent, Armenia – by 12.6 percent. However, according to the UN agency, in 2023 the economic growth of these countries will slow down by about four percent and 5.5 percent, respectively.

According to the data of the National Statistical Service of Georgia for 2022, 15.6 percent of the country’s population is below the absolute poverty line, which is 1.9 percent less than in the corresponding period of the previous year.

According to the report, the situation in rural areas is much worse than in cities. In particular, in 2022, 20.6 percent of the rural population was below the poverty line, and 12.3 percent of the urban population.