The Finance Minister Lasha Khutsishvili reports to the Parliament

11 Jun 2021
The Finance Minister Lasha Khutsishvili reports to the Parliament

For the first time, the Finance Minister, Lasha Kutsishvili today reports to the Parliament within the Ministerial Hour about the current situation in the country against the global pandemic, economic situation and the post-pandemic economic prospects.

We kept an increasing economic dynamic in the pre-crisis period with rapid economic growth, which first of all was entailed with the internal factors – we were growing in a rapid manner while our trade partners demonstrated low economic growth. Georgia in this period was not only a leader in the region – in 2019, we doubled the economy of Georgia. The growth was evident not only in quantitative but in qualitative terms. We had one of the most inclusive growths in the history of Georgia and we used this period to effectively address poverty and unemployment”, - he stated touching upon the economic situation deriving from the global pandemic and the positive forecast for the post-pandemic economy.

Providing the improved economic dynamics, the Government increased the economic growth forecast in May from 4.3% to 6.5%, however, we can even develop a far more optimistic scenario. Our economic growth forecast in the optimistic scenario achieves 10.2%”.

The Minister noted that the maintenance of the positive dynamics requires the reforms: “Despite our high expectations about the economic restoration, the ambitious reforms are necessary to take our economy to a new stage of development”.

He dwelt on the liberal taxation regime of the capital, market, tax administration, state investments and solvency reforms.

The reporter underlined the importance of the reforms: “Reforms are the key for the sustainable economic progress. After analyzing the economic outcomes for May, we intend to submit the changes to the Budget for 2021, aiming at taking significant steps to the macro-economic stabilization and financing of various programs for facilitation of restoration of the economy”.