**Georgian Prime Minister Hails Historic Low in Unemployment Rate**
In a major economic milestone, the unemployment rate in Georgia has reached its lowest level since the country regained independence. According to Prime Minister Irakli Kobakhidze, the unemployment rate stood at 13.9% by the end of last year, a significant improvement from the 26.7% rate in 2012.
This achievement is the result of a concerted effort by the government to promote economic growth and job creation. Over the past three years, more than 185,000 new jobs have been created, with an additional 68,000 people entering the workforce in 2024 alone. This has led to a total of over 1.4 million employed persons, a historic maximum.
The Prime Minister emphasized that economic growth must be felt by all citizens, not just a select few. He noted that Georgia’s strong fiscal position is a key factor in maintaining stability and promoting economic development. The country ranks first internationally in budget transparency indices, a testament to its commitment to sound financial management.
**Fiscal Discipline and Economic Stability**
Kobakhidze highlighted the government’s achievements in maintaining a stable lari exchange rate, reducing debt levels from 60% in 2020 to 36.1% today. The budget deficit, current account deficit, and government debt are all within established limits, demonstrating the government’s commitment to fiscal discipline.
The Prime Minister also announced that Georgia has prepared an “Economic Reform Program for 2025-27” in line with EU candidate country methodology. This program is expected to drive further economic growth and development in the years ahead.
**Commentary**
This achievement marks a significant milestone in Georgia’s economic journey, demonstrating the government’s commitment to promoting economic growth and job creation. The country’s strong fiscal position, transparency, and stability are crucial factors in attracting investment and driving development.
While there is still work to be done to achieve even faster economic growth, this progress is a testament to the government’s efforts to create opportunities for all citizens. As Georgia continues on its path towards EU membership, these achievements will play an important role in its accession process.
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