The World Bank’s assessment of ongoing reforms in Georgia has indicated a slowdown in poverty reduction and challenges in generating high-quality jobs. The International Institute’s updated diagnostic study supports this assessment, noting that while the country’s economy continues to grow steadily, it faces significant challenges. Roland Price, the Regional Director of the World Bank in the South Caucasus, has identified the lack of jobs that can enhance living standards as one of these formidable challenges.
“This is a very important study that shows that Georgia has solid foundations. Moreover, we should also note that Georgia is unique in the region in terms of showing exceptional growth and development, although we are also aware that the country is now facing a huge challenge, quality work In terms of creating jobs. In this part, we mean those services that are more profitable and that will improve the general standard of living. In terms of creating quality jobs, the most important thing is to strengthen the quality of education, and it is in this direction that more effective steps should be taken, including by the state. The World Bank’s systematic Focusing on the priorities identified in the diagnostic study will help the country stay on the trajectory of rapid economic growth and create better opportunities for the country’s citizens,” says Roland Price while talking to BusinessFormula.
In addition to enhancing the quality of education, the research has identified several other key priorities, including improving land use, addressing the impacts of climate change, increasing resilience to unexpected shocks, promoting digitalization, fostering innovation, investing in energy efficiency, and more. These priorities reflect a multifaceted approach to tackling the challenges and opportunities in Georgia’s development.