Georgian Finance Minister: we expect 6% economic growth in 2022
Khutsishvili asserts that Georgia will ‘fully’ recover to pre-pandemic economic levels. Photo: Finance Ministry's press office
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Georgian Finance Minister Lasha Khutsishvili has said that the country expects 6% economic growth in 2022, nominal gross domestic product (GDP) amounting to 65 billion GEL (about $20.7 b. / €18.21 b.), while GDP per capita will exceed $5,500 by the end of next year.
Khutsishvili asserts that Georgia will ‘fully’ recover to pre-pandemic economic levels and maintain a ‘high’ rate of economic growth.
In 2021 we have already restored three-fourths of the economic loss we had in 2020, Khutsishvili added.
The Georgian economy saw 12% growth in the first eight months of 2021, the National Statistics Office of Georgia reported.
The International Monetary Fund (IMF) projects the Georgian economy to grow 7.7% in 2021 and 5.8% in 2022.
The International Monetary Fund (IMF) projects the Georgian economy to grow 7.7% in 2021 and 5.8% in 2022, reads the latest report titled World Economic Outlook: Recovery During a Pandemic. With these indicators Georgia will have one of the highest economic growth rates in the region of the Middle East and Central Asia.
Georgia is leading the South Caucasus region with a projected rebound of 8% this year, says the latest edition of the World Bank’s Economic Update for the region, released today. "Georgia’s recovery is expected to edge down to 5.5% in 2022 and 5% in 2023, as macroeconomic support continues to be removed", reads the report.
The 2022 state budget of Georgia has been planned with a 6% economic growth forecast, announces the Ministry of Finance of Georgia. The ministry says that tax revenue will be 23.5% of the gross domestic product (GDP) and the budget deficit will be 4.3% of GDP next year.
The estimated real gross domestic product (GDP) growth rate in August 2021 amounted to 10.3% year-on-year and 12% in January-August of 2021 year-on-year, show preliminary data from the National Statistics Office of Georgia (Geostat).
World Bank Vice President for Europe and Central Asia (ECA) Anna Bjerde has stated that many reforms particularly in human capital development and formation of a more green and digitised recovery will be ‘very promising for Georgia in the years to come.’
The Georgian Ministry of Finance has started negotiations with the International Monetary Fund (IMF) over the launch of a new three-year programme. Finance Minister Lasha Khutsishvili has met the IMF mission chief James John to discuss economic conditions and projected market reforms in Georgia.
Georgian Prime Minister Irakli Garibashvili has stated earlier today that gross domestic product in Georgia will reach a historic high in January 2022 amounting to 65 billion GEL (about $20 bln./€18 bln).
Georgian Prime Minister Irakli Garibashvili has stated that the economic growth in Georgia in October amounted to about 7%, while growth in the past 10 months totalled 10.5%, calling it ‘unique, unprecedentedly high growth across Europe.'
Georgian Finance Minister Lasha Khutsishvili stated earlier today that the country’s economy will ‘fully recover’ from losses of the last year and be 2.6% higher than it was in 2019.
Georgia’s real economic growth in the past year was 2.5 times higher than originally forecast, with government savings in 2022 expected to approach the pre-pandemic mark, finance minister Lasha Khutsishvili told the parliament on Thursday.