PM Kobakhidze hails World Bank’s revised 7% growth forecast for Georgia
Georgian Prime Minister Irakli Kobakhidze on Wednesday said the World Bank had raised its economic growth forecast for Georgia to 7%, an increase of two percentage points from its previous projection, citing positive trends in the country’s economy.
Kobakhidze said the revised forecast reflected the strong economic performance recorded throughout the year.
“The World Bank has published an updated forecast for economic growth. This forecast has been increased to 7%”, he said.
“Previously, in June, the World Bank’s forecast stood at 5%. It has now been revised upward by two percentage points, from 5% to 7%, reflecting the positive trends in the Georgian economy during the current year”, the Prime Minister added.
Kobakhidze noted that the updated forecast was 2.6 times higher than the average projected growth rate for other EU candidate countries.
He also highlighted the World Bank’s outlook for the coming years, saying Georgia was expected to record the highest economic growth rate among European countries in 2026, 2027 and 2028.
“It should also be noted that, according to the World Bank’s forecast, Georgia will have the highest economic growth among European countries over the next three years. Maintaining this trend remains one of our top priorities”, Kobakhidze said.
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“The railway line serving the Anaklia Deep Sea Port involves the construction of a total of 18 km of entirely new railway infrastructure,” said Lasha Abashidze, Director General of Georgian Railway.
According to Abashidze, the World Bank will finance the project.
“A market survey has already been announced for the railway link to the Anaklia Deep Sea Port. This is a rather important project for Georgian Railway and involves building an 18-km section of entirely new railway infrastructure that will connect the Anaklia Port to our existing main line. The project will be financed with World Bank support, and all procurement procedures will also be carried out with World Bank support,” Lasha Abashidze said.
Abashidze also elaborated on Georgian Railway’s rolling stock renewal.
“We have already begun renewing the rolling stock at Georgian Railway. This covers both freight wagons and passenger trains,” he said.
The Director General noted that 200 new freight wagons have already been purchased, around 60 of which have arrived in Georgia, with all 200 due to arrive by the end of the year.
“It is important to note that we made this purchase directly from the manufacturer, without the involvement of any intermediary companies, so to speak. In general, I believe it is right that Georgian Railway should carry out such important projects and buy directly from the manufacturing plants,” the head of Georgian Railway said.
On passenger transport, Abashidze stated that Georgian Railway is expected to add ten new trains to its fleet shortly. In addition, five passenger trains are already undergoing major overhaul and modernisation. As a result, he said, Georgian Railway will operate its passenger services entirely with new, modern trains.
“Recently, we have carried out quite significant optimisation at the railway, both in operations and in procurement. That is precisely what has enabled us to launch and fund these projects. These savings will go entirely to Georgian Railway and to the projects we have already started,” the Director General of Georgian Railway said.
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