Georgian Economy Minister Levan Davitashvili said domestic inflation had passed its peak and the country’s authorities succeeded in stabilising it at 9.4% at the end of last year, noting he expected a further reduction of prices on basic consumer products and fuel in figures this month.
Davitashvili said it was important to “ensure a competitive environment” in the country in order to have “adequate” market prices that were “not artificially increased”.
“No matter how much we talk about progress and success in terms of the economy, we understand that the social background is quite difficult and high prices are very difficult for virtually all sections of the population. Our concern is that, on the one hand, the population should have an income, but this income should be valuable and not be devalued in conditions of artificially increased prices,” Davitashvili said.
Davitashvili said following instructions from Prime Minister Irakli Garibashvili, Cabinet members and the Competition Agency had held meetings with oil and food importers as well as representatives of retail networks, and added prices on the products would gradually decrease, particularly noting the expected reduction of fuel prices by GEL 0.4 ($0.15) this month.
In comments on economic trends, Davitashvili said the high growth rate observed last year had been a result of the Government’s “correct economic policy” it had been “conducting for years”.
“We have to get used to becoming a rich country. A rich country will be able to fulfill the tasks it has in social, security, democratic and other directions. For that, of course, the country needs to be economically stronger and for that we need higher economic growth. We should be able to stimulate the economy with various initiatives, and this is exactly what we have in the plan”, Davitashvili said. (Agenda/Business World Magazine)