Finance Minister: expectations “much higher than 6% growth” in 2022
Georgian Finance Minister 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. Photo: Nino Alavidze/Agenda.ge
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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.
The Minister said that the 2022 budget had been planned with the six percent figure "in the conditions when there was not yet the geopolitical situation created in the region as a result of Russia's invasion of Ukraine".
Naturally, this has changed our plans. However, according to the data of the first five months, the pace of economic recovery is faster than what we had predicted at the end of last year and at the beginning of this year. We may revise our forecasts when we have a draft of changes in the current year's budget”, Khutsishvili said.
The Minister added the new forecast would be published in late August.
According to the latest Gross Domestic Product data, the Georgian economy grew by 11.6 percent in May and 11.2 percent in the first five months of 2022 year-on-year.
The World Bank has projected the Georgian economy to grow 5.5 percent in 2022 and next year, followed by a five percent growth in 2024.
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