“As a result of our coordinated work, right and effective steps made by the Government of Georgia as well as rather constructive approaches of the 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,” announced Irakli Garibashvili, Prime Minister of Georgia when delivering a keynote speech at the event summarizing the performance of NBG Governor today.
As Garibashvili noted, 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,” stated the Prime Minister.
