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.

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.

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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.