Georgia and ADB

ADB supports Georgia in becoming a regional hub economy through digital trade, regional connectivity, financial inclusion, business climate development, environmental sustainability, sustainable energy, and integration in global agricultural value chains.

Economic forecasts for Georgia

Figures are based on the latest edition of ADB's Asian Development Outlook, which analyzes economic and development issues in Asia and the Pacific. This includes forecasting the inflation and gross domestic product growth rates of economies throughout the region.


 

Comparative economic forecasts

The latest available economic data for Georgia compared to countries in Caucasus and Central Asia.


 

Policy Challenge—Mainstreaming Aging in Development Planning

Georgia’s population is aging because of below-replacement fertility, improving life expectancy, and outmigration of working-age people. Data from the United Nations Economic and Social Commission for Asia and the Pacific project show the share of Georgians aged 60 years and older expected to rise from 20.7% in 2020 to 28.1% in 2050. This would more than double Georgia’s old-age dependency ratio from the current 25.9% and undermine the sustainability of public finances because of higher outlays for pensions and social welfare, health care, and training programs for elderly workers. Addressing population aging could thus reduce a looming burden on public finances.

The government has already taken some steps to address the welfare costs associated with aging. It has introduced a new, multi-pillar pension system and implemented various social programs to assist the poor and vulnerable, including subsistence farmers. The government has supported agriculture and pursued policies to diversify the economy. Further, it has supported flexible retirement policies enabling senior citizens to continue working beyond normal retirement age and promoted active aging programs that encourage seniors to remain active and engaged in their communities, thereby promoting their physical and mental health and well-being. However, more is needed to address the challenges associated with population aging.

The government needs to promote social inclusion of the elderly. While strengthening social protection programs, the government can facilitate creating new employment opportunities in the formal sector of the economy for those elderly interested and able to work. It can also enhance worker productivity through skill development and greater use of technology. Despite persistent labor shortages, a large gap remains between the labor force participation rates of men and women. Thus, introducing policies to encourage women to enter the labor force is critical. Exploring public–private partnerships in health care should also be prioritized. Ensuring the financial inclusion of the elderly, including their access to diversified financial instruments and capital markets, may also help. Rapid urbanization should not neglect accessible public infrastructure and services to accommodate the needs of the elderly. Finally, the authorities may consider expanding training for social workers and others who address the social needs of the elderly.

More resources

Asian Development Bank and Georgia: Fact Sheet

Asian Development Bank and Georgia: Fact Sheet

The Fact Sheets summarize ADB's partnerships with member economies, providing key facts and figures and an overview of activities and future directions.

Asian Development Outlook (ADO) April 2024

Asian Development Outlook

The Asian Development Outlook analyzes economic and development issues in developing countries in Asia.

Key Indicators for Asia and the Pacific 2023

Key Indicators

The Key Indicators for Asia and the Pacific publication presents data regarding the economic, financial, social, and environmental situations in a broad range of countries across the region.

Basic Statistics 2023

Basic Statistics

The Basic Statistics brochure presents data on selected social, economic, and SDG indicators such as population, poverty, annual growth rate of gross domestic product, inflation, and government finance for economies in Asia and the Pacific.