WB: Georgia ranks 2nd globally in 2024 labor productivity growth

The World Bank (WB) has published the 2024 results for global labor productivity. Labor productivity is measured as the level of GDP per employed person, adjusted for purchasing power and constant prices. The WB says labor productivity in Georgia increased by 10.4% in 2024, surpassing 56,608 international dollars.

This double-digit annual growth places Georgia second in the world after Guyana, and first in Eurasia and the Eastern Hemisphere. In terms of labor productivity progress over the 21st century, Georgia ranks in the top three globally:

Guyana saw a 786% increase,
China follows with 506%,
Georgia is third with a 340% increase in labor productivity over the past 24 years.
In contrast, EU member states show alarmingly low growth. In 2024, labor productivity growth in the European Union was below 1%, and countries like Iceland, Ireland, Austria, Italy, and Finland even saw a decline.

The World Bank explains:

“Labor productivity is used to assess a country’s economic capacity to create and maintain decent employment opportunities with fair and adequate pay. Productivity gains from investment, trade, technological progress, or changes in work organization can enhance social protection and reduce poverty, thus lowering vulnerable employment and in-work poverty.”

It further notes:

“GDP per employed person is a key metric to monitor whether a country is progressing toward the Sustainable Development Goal (SDG) of promoting sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all (SDG Indicator 8.2.1).”

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