Details of Georgia's state budget for 2024: economic growth, deficit and spending priorities

The Government of Georgia has completed the preparation of the final version of the state budget for 2024, as announced by Finance Minister Lasha Khutsishvili at a briefing. According to the forecasts presented in the final version of the budget, economic growth is expected at the level of 5.2%, with a budget deficit of 2.5%. The government plans to submit the budget to Parliament for approval by the end of this year.

According to the information provided, the main budget parameters remained unchanged, and economic forecasts are presented quite conservatively. Economic growth is at the level of 5.2%, the budget deficit is 2.5%, and the government's debt will amount to approximately 38% of GDP.

GDP forecasts for 2024 amount to 86 billion lari, and GDP per capita is estimated at more than 8,5 thousand dollars. The government predicts further economic growth to 108 billion lari by 2027, which is equivalent to 11 thousand dollars per capita.

Minister Khutsishvili also noted that the 2024 budget pays attention to social and infrastructural areas. It provides for an increase in pensions and social benefits, as well as significant investments in education. Additional funds have been allocated for defense and security, and 6.7 billion lari have been allocated for infrastructure projects.

The main part of the consolidated budget will be directed to the regions, with an increase in the fund of projects in the regions and additional funds for victims of the natural disaster in Guria. The amount of funds allocated for regional development will increase, and funding is also provided for disaster management in the region.