Government: By 2030, Georgia will be among high-income countries

Georgia income in 2030

According to the government of Georgia, the International Monetary Fund’s medium-term forecast indicates that by 2027 the country’s economy will exceed $10,000 per capita and be at least $10,540, a prerequisite for Georgia to move into the ranks of higher-income countries.

According to Prime Minister Irakli Garibashvili, by 2030 the country’s economy will reach $15,000 per capita. Georgia’s economy was $4,260 per capita in 2020 and $6,770 in 2022, according to the government’s economic council.

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According to Irakli Kobakhidze, chairman of the ruling party, by 2030 the government will be able to “virtually or actually eliminate” poverty:

“Today, the poverty rate is still high at 17.5% as of last year, which means that up to 650,000, unfortunately, still live below the poverty line. However, if development continues at this pace – which is what the IMF tells us – if there is peace, calm, and if these economic policies are maintained, then we will be able to practically or actually eliminate poverty by 2030.

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According to a preliminary assessment by the National Statistical Service of Georgia, in August 2022, compared to the corresponding period of the previous year, the Georgian economy (GDP) grew by 10.5%, and the average indicator for the first 8 months of the year was 10.3%.

It should be noted that, according to a senior official of the Asian Development Bank (ADB), Liaziza Sabirova, the influx of migrants has had a positive impact on the Georgian economy, although this is a one-time effect.

Despite the rapid dynamics of economic growth, food prices in Georgia are rising. Manufacturers attribute the increase in prices to Russia’s invasion of Ukraine, complex logistics from Russia, and an increase in prices for products and raw materials on the world market.

According to the research organization PMCG, the total number of people who emigrated from Georgia increased by 7% from 2010 to 2020 and amounted to 861,000 people, which is 23% of the country’s population.