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Overview

Country Context

Georgia

2021

Population, million

3.7

GDP, current US$ billion

18.7

GDP per capita, current US$

5,039.4

Life Expectancy at birth, years

73.9

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. The country’s poverty rate, measured by the international upper-middle-income line (US$6.85 per capita per day, 2017 PPP), declined from 69 percent in 2011 to 53 percent in 2021. Nevertheless, critical structural challenges persist, notably weak productivity and difficulties to create high-quality jobs. Many Georgians in rural areas remain engaged in low productivity agriculture. Human capital formation remains weak, with poor learning outcomes, and skills shortages a problem for doing business and firm growth. In addition, Georgia’s trade openness, and reliance on income from tourism, make it vulnerable to external and global shocks. High dollarization and persistent reliance on external savings further amplify risks. Still, the swift post-pandemic rebound and recovery from the initial impact of the war in Ukraine and associated sanctions have demonstrated the growing resilience of Georgia’s economy.

Last Updated: Oct 10, 2022

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Georgia: Commitments by Fiscal Year (in millions of dollars)*

*Amounts include IBRD and IDA commitments

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