Georgian economy to grow 7% in 2022, 6% in 2023 - Asian Development Bank

The Asian Development Bank projects the Georgian economy to grow seven percent in 2022, "driven by higher export and tourism revenue, a large inflow of money transfers, and strong private consumption", the bank said in a report on Wednesday.

The ADB also  forecast Georgia’s real gross domestic product growth to be six percent in 2023, in an update from previous estimates in April, when it forecast growth of 3.5 percent in 2022 and five percent in 2023 for Georgia.

Georgia has seen significant growth in tourism and exports which indicates that the country is overcoming the adverse effects of the pandemic,” said ADB country director for Georgia Shane Rosenthal. 

Image: ADB

Inflation is projected to accelerate to 11 percent in 2022 before slowing to five percent next year.

The Georgian economy grew by 7.1 percent in the second quarter of 2022 year-on-year, while the gross domestic product deflator percentage change equalled to 8.2 percent, the latest data from the National Statistics Office of Georgia has shown.