World Bank projects Georgian economy to grow 4.4% in 2023, 5% in 2024
Economic growth in Georgia is expected to ease to 4.4 percent in 2023 and reach five percent in 2024 and 2025, the Europe and Central Asia Economic Update of the World Bank said. Photo: Nino Alavidze/Agenda.ge
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Economic growth in Georgia is expected to ease to 4.4 percent in 2023 and reach five percent in 2024 and 2025, the Europe and Central Asia Economic Update of the World Bank said on Thursday.
Strong money inflows have contributed to the strengthening of the lari, which has helped contain inflationary pressures and reduce debt levels. Inflation is projected to continue to fall gradually in 2023 in Georgia, although some food and rental price pressures may persist”, it noted.
The update follows projected figures by the Asian Development Bank, which said earlier this week the country’s economy would grow by 4.5 percent in 2023 before reaching a five percent growth rate in 2024.
Data from Georgia’s National Statistics Office showed the domestic economy grew 5.8 percent in February and 7.1 percent in the first two months of 2023.
The Georgian economy is forecast to grow 5.2 percent in 2023 and 4.6 percent in 2024, the World Economic Situation and Prospects report by the United Nations said on Thursday.
The Georgian economy is expected to grow by 4.5 percent in 2023 before reaching a five percent growth rate in 2024, a new report by the Asian Development Bank said on Tuesday.
The Georgian economy grew 5.8 percent in February and 7.1 percent in the first two months of 2023, data published by the National Statistics Office of Georgia on Friday shows.
Georgian Finance Minister Lasha Khutsishvili on Thursday told the Parliament he was expecting maintenance of “positive dynamics” of economic growth in the country and even higher figures this year.
The positive dynamics of the BPO services in Georgia and the opportunities that the country can offer to foreign companies were discussed on Friday by Georgian Economy Minister Levan Davitashvili and the investment consultants from the world’s leading companies in the industry.
Georgian Prime Minister Irakli Garibashvili on Tuesday told members of his Government during their weekly meeting the seven percent economic growth rate, reduction in prices on products and increase in tourism and trade figures represented “positive” dynamics across the country.
The European Bank for Reconstruction and Development expects the economic growth in Georgia to moderate to five percent in 2023 and 5.3 percent in 2024.
The Georgian economy grew 7.5 percent in April and 7.3 percent in the first four months of 2023, data published by the National Statistics Office of Georgia on Wednesday shows.