MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

“We are absolutely confident that we will continue to maintain macroeconomic stability and very soon start rebuilding the economy,” – Natia Turnava, the candidate for Minister of Economy and Sustainable Development said at the joint hearing of the Committees on the Budget and Finance, the Sector Economy and Economic Policy, the Agrarian Issues, the Environmental Protection and Natural Resources and the Regional Policy and Self-Government.

Natia Turnava stated that the latest confirmation of this forecast was the assessment of the international rating company Fitch, when leaving the sovereign credit rating of Georgia unchanged.

“This means that not only are we confident that the planned reforms will speed up the recovery of the economy and nothing will threaten the macroeconomic stability, but the international organizations and international rating agencies do have the same evaluation. Today, Georgia stands out in the post-pandemic period as a macroeconomically viable, prosperous, investment-attractive and reform-oriented state. This assessment is also reflected in the seventh review of the International Monetary Fund program, which states that the country continues to follow the Euro-Atlantic course and the implementation of the European-oriented reforms,” – the Candidate for the Minister of Economy said.

According to Natia Turnava, “2021 will be a year of rapid economic recovery - in 2021-2024 Georgia will be a leader in the region with 5,3% economic growth, our country will also be a leader in terms of post-pandemic economic recovery, this is the assessment of the international donors.” Turnava also highlighted that such a forecast is based on the positive statistics recorded in 2020.

“In 2020, our trade deficit was improved, i.e. we have about a billion dollar higher figure than before the pandemic, in 2019, since last year the rate of decline in our exports was much lower than in imports. Of course, this is also the result of a policy that, despite the pandemic, was focused on strengthening and maintaining export production,” – the Candidate for Minister of Economy noted.

Natia Turnava also mentioned that in 2020, the export of domestic products, excluding re-exports, was increased by 3,5%, which is also a very important result of the Georgian Government’s policy and shows that the export production, despite the pandemic, sometimes became even more competitive, and in addition, gained new markets.

“There has also been a positive trend in international shipping, which is a result of the relevant policy when, in 2020, within the anti-crisis measures, we ensured the safe operation of our ports, railways, over-land transport companies. And now we have 1% growth, which is obviously a modest growth, and we would achieve much higher figures if there had not been the global crisis and the pandemic, but this is a positive dynamic that will distinguish our country in the region,” – Natia Turnava said.

In her speech, the Candidate also focused on supporting such an important sector of economy as tourism. According to Turnava, together with the representatives of the sector, the Ministry will discuss the renewed marketing strategy of tourism.

Natia Turnava also spoke about the updated Privatization Action Plan, the mining reform and other important issues.