Georgia achieved significant growth over past five years, remains resilient to shocks - World Bank Regional Director
World Bank Regional Director Rolande Pryce on Tuesday said that over the past five years, Georgia had experienced significant growth and that the country was very resilient to shocks.
In her speech at the World Bank’s public event in Tbilisi titled “Georgia - Growth Toward High Income”, Price noted that to move from a middle-income country to a high-income country, investments, technological development, and innovation were necessary
“Over the past five years, Georgia has experienced significant growth. It is also very resilient to shocks. This report examines what countries need to transition from middle-income to high-income status. Very few countries have achieved this over the past 34 years - only 34 countries. In Georgia, there is still much to be done in creating more and better jobs”, she said.
“Another issue concerns talent. Do we have information about the distribution of talent? This is a small country, so whether talent is allocated effectively is important. The main framework covered by this report suggests that three key steps are required to move from a middle-income to a high-income country: investments, technological development, and innovation”, Pryce continued.
She further emphasised that Georgia achieved very good results in terms of investment.
“However, I believe there is still a lot that can be done in the adoption of innovation and technology”, she concluded.
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Today a settlement agreement was signed with Inter RAO, which will have minimal, almost zero, impact on Georgia’s economy - Levan Zhorzholiani
08.01.2026.22:42
Levan Zhorzholiani, the Head of the Georgian Government Administration, on Thursday said that despite anti-Russian rhetoric in public statements, the former Government under Mikheil Saakashvili transferred strategic energy facilities to the Russian side and imposed higher tariffs on Georgian citizens by its own decision - an approach that was later rejected by the Georgian Dream Government.
In his remarks, Zhorzholiani noted that the Saakashvili administration sold all strategic energy assets, including the transfer of the Khrami hydropower plants to Inter RAO, a Russian company, further pointing out that a Government decree was issued at the time, under which the Georgian Government promised to compensate the Russian side for its investments through increased electricity tariffs.
“The Government also issued a directive promising the Russian side that the increased electricity payments would compensate for the costs they incurred, which, of course, would have burdened Georgian citizens by raising electricity tariffs. The Georgian Dream Government refused to do this. Firstly, because the Government has no authority to set such tariffs; that is the responsibility of the Georgian National Energy and Water Supply Regulatory Commission (GNERC). GNERC set a fair tariff that did not align with Russian interests, which led to arbitration proceedings”, he noted.
“Thanks to the active involvement and efforts of the Ministry of Justice, today a settlement agreement was signed with Inter RAO, which will have minimal, almost zero, impact on Georgia’s economy”, Zhorzholiani continued.
“As for political responsibility, it is clear that a government which publicly declared itself anti-Russian, but in practice acted in the most pro-Russian manner, transferred strategic energy facilities to a Russian company and attempted to impose increased tariffs on its own population - something the Georgian Dream government firmly rejected”, he concluded.