The Ministry of Economic Development was established after dissolution of Soviet Union. It was renamed to Ministry of Economy and Sustainable Development during government restructuring in 2010.[4]
The main functions of the ministry are to provide incentives for economic growth in the country utilizing an effective economic policy.[5] The economic policies of the state are described in the action plan of the Georgian Government for 2004–2009 titled For United and Powerful Georgia. The policies include utilization of macroeconomic policy and private entrepreneurship development. The economic reforms undertaken by the government include liberalization of entrepreneurial activities, creation of favorable, transparent and stable legislation for private business owners; realization of active privatization process and support to strengthening of private sector; facilitation of issuance of licenses and permits and reform of the system of technical regulation; economic deregulation and protection of markets against monopolization; development of tourism, transport and communication infrastructure, etc.[6]
Budget
The budget of the Ministry of Economy and Sustainable Development in 2023 is GEL 558.2 million (USD 210.2 million), down by 374.2 million (USD 140.9 million) compared to 2022.[7]
