World Bank: Georgian economy to grow 5.5% in 2022 and 2023, 5% in 2024
The Georgian economy is projected to grow 5.5 percent in 2022 and next year, followed by a 5 percent growth in 2024, the June edition of the World Bank’s Global Economic Prospects report has said. Photo: Nino Alavidze/Agenda.ge
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The Georgian economy is projected to grow 5.5 percent in 2022 and next year, followed by a 5 percent growth in 2024, the June edition of the World Bank’s Global Economic Prospects report has said.
The Georgian economy has shown resilience to the economic shock induced by the Russian invasion of Ukraine so far, with the growth forecast for 2022 upgraded to 5.5 percent from 2.5 percent forecast in March. The resilience is driven by the strength of the services sector, particularly in tourism, with a strong recovery in the year through May," the report says.
As for Georgia's neighbouring countries, the World Bank forecast the economy will grow by 3.5 percent in Armenia, 2.7 percent in Azerbaijan and 2.3 percent in Turkey, while an 8.9 percent shrinking is projected for Russia.
According to the latest GDP data from April, published by the National Statistics Office of Georgia, the estimated real Gross Domestic Product in the country grew by 2.6 percent year-on-year, while the average real GDP increased by 10.8 percent between January-April.
The Consumer Price Index in Georgia increased by 1.1 percent in May 2022 month-on-month, while the annual inflation rate equaled 13.3 percent, the National Statistics Office of Georgia announced on Friday.
The estimated real Gross Domestic Product of Georgia grew by 2.6 percent in April 2022 year-on-year, while the average real GDP increased by 10.8 percent between January-April, the latest data from the National Statistics Office of Georgia show.
The Georgian economic growth is expected to slow to 2.5 percent in 2022 due to ongoing hostilities in Ukraine, the World Bank’s Europe and Central Asia Economic Update said.
The Georgian economy is projected to grow 6% in 2021, 5% in 2022 and again 5% in 2023, says the June edition of the World Bank’s report Global Economic Prospects 2021.
TBC Capital, a Georgian brokerage, advisory and investment bank, on Monday forecast an eight percent growth for the country’s economy in the ongoing year.
Georgian Prime Minister Irakli Garibashvili on Monday highlighted the record-high monthly figure hit by the country’s exports in May, pointing to the $504 billion of goods exported amid the challenges created by the conflict in Ukraine.
Georgian Economy Minister Levan Davitashvili on Monday said the country remained an "attractive country" for the investors despite the "high risks" in the Black Sea region.
The nominal Gross Domestic Product amounted to ₾14,35 billion in the first quarter of 2022, the latest data from the National Statistics Office of Georgia show. "The real GDP increased by 14.9 percent year-on-year, while the GDP deflator rose by 8.7 percent", said Geostat.
The Governor of the National Bank of Georgia, Koba Gvenetadze, said the Bank had taken "decisive and timely actions" and avoided "a worse situation" in response to the global challenges "that the world in general faces today", in comments released by the NBG on Monday.
Georgia’s banking sector has been “at the forefront” of implementing good corporate governance practices and helping to strengthen the country’s economic and financial development, says a new report by a joint World Bank-International Monetary Fund programme.
Georgian Prime Minister Irakli Garibashvili said Georgia experienced “double-digit” economic growth in the first five months of 2022 despite "world markets crashing" the recessions caused by the Russia-Ukraine war, the Government Administration announced on Monday.
The Georgian economy grew by 11.6 percent in May and by 11.2 percent in the first five months of 2022 year-on-year, the latest data from the National Statistics Office of Georgia show.
Georgia is maintaining “strong” economic growth rates in 2022, Economy Minister Levan Davitashvili said on Thursday after announcing the latest Gross Domestic Product data that said the economy had grown by 11.6 percent in May and 11.2 percent in the first five months of 2022 year-on-year.
Georgian Finance Minister Lasha Khutsishvili on Monday said the economic recovery from the pandemic was "progressing at a faster pace than expected", with the development setting expectations "much higher" than the projected six percent economic growth this year.
Georgian Prime Minister Irakli Garibashvili on Monday said the country maintained “double-digit economic growth, peace and stability” while economic processes in the world were “heading towards recession”.
Georgian officials met World Bank Group representatives on Thursday to discuss current and future projects, as the sides are marking 30 years of partnership this year, the Ministry of Finance said.
Levan Davitashvili, the Georgian economy minister and vice prime minister said on Tuesday, at the ceremony celebrating the 30th anniversary of the partnership between the World Bank and Georgia, he was “glad” that Georgia has officially joined the International Development Association of the World Bank as a donor country and would have an opportunity to share its success and experience with the countries being “unfortunately” on the verge of poverty and aiming to develop into higher income countries.
Economic questions and cooperation between the World Bank and Georgia were discussed on Wednesday between the Georgian Finance Minister Lasha Khutsishvili and Koen Davidse, the Executive Director of the World Bank.