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Overview

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Georgia

2022

Population, million

3.7

GDP, current US$ billion

24.6

GDP per capita, current US$

6,657.6

Life Expectancy at birth, years

72.8

Georgia has made much progress over the past decade. As a result of sound economic management, GNI per capita converged toward European Union (EU) levels, increasing from $3,048 in 2010 to $4,608 in 2021 (constant 2015 US$). The poverty rate (measured by the national poverty line) was more than halved over the same period. Nevertheless, structural challenges persist, notably weak productivity and limited high-quality job creation. More than a third of all workers are engaged in low-productivity agriculture. Poor learning outcomes and lack of skills also constitute a barrier to private sector growth. Because of its trade openness and reliance on tourism, Georgia is vulnerable to external shocks. High dollarization and persistent dependence on external savings increase the risks associated with foreign exchange depreciation. Nevertheless, the swift post-pandemic rebound and the recovery from the initial impact of Russia’s invasion of Ukraine and related sanctions have demonstrated growing economic resilience, supported by sound macroeconomic management. The application for EU candidacy initiated in 2022 provides opportunities for further income convergence while requiring significant and sustained reforms. 

Last Updated: Apr 06, 2023

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*Amounts include IBRD and IDA commitments

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