World Bank Regional Director: Georgia achieved significant growth over past five years, remains resilient to shocks

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.