Georgia has had a successful development record over the past decade, underpinned by prudent economic management. Growth averaged 4 percent per annum between 2011 and 2021. In the first half of 2022 real GDP growth estimated at 10.5 percent (y-o-y). After unemployment increased to 20.6 percent in 2021, labor markets have started to recover, with unemployment decreasing to 18.1 percent in Q2 2022. After peaking in June, inflation has eased slightly, reaching 10.9 percent (y-o-y) in August 2022.
The project aims to continue the ongoing dialogue and support Georgia authorities in designing and implementation of reforms that lay down the core foundations needed to foster financial sector diversification, and build up foundations for more competitive, transparent, better governed institutions and markets.
The Human Capital Index quantifies the contribution of health and education to the productivity of the next generation of workers. Countries can use it to assess how much income they are foregoing because of human capital gaps, and how much faster they can turn these losses into gains if they act now.