Thanks to strong economic growth and development of the labor market, the poverty level in Georgia is decreasing, according to materials published by the World Bank.
The regulator announced that from 2017 to 2023, the poverty rate fell from 54% to 40.7%. Georgia also narrowed the wealth gap from 5.1% in 2017 to 4.0% in 2023.
The Bank noted that post-COVID poverty reduction efforts were supported by an increase in real wages, pensions, and increased social protection measures.
In addition to this, the decline in annual inflation to 1.9% year-on-year by the end of last year eased the cost of living pressure on low-income families.
It is specified that economic growth has had a positive impact on employment, with job opportunities expanding. The unemployment rate fell by 13.9% in 2024.
At the same time, the World Bank also noted the problems appeared in Georgia. Companies still face limited access to finance, poor communications, and other restrictions.
