UN report: Georgian economy to grow 5.2% in 2023, 4.6 % in 2024
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. Photo: Nino Alavidze/Alavidze/Agenda.ge
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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.
In the report, the UN noted the 10.8 growth shown by the country in the past year, prompting a raise in the UN’s initially forecast 4.4 percent.
The impact of the ongoing war in Ukraine on near-term economic prospects for the Commonwealth of Independent States and Georgia is also noted.
The contraction of the economy of the Russian Federation and the significant loss of output in Ukraine are expected to affect the rest of the region”, the body noted.
Impacts occur through numerous channels, including migration, commodity prices, market volatility, remittances and changes in fiscal space [...] In 2023, the aggregate GDP of the region [...] is expected to shrink by further one percent, expanding by a modest 2.3 percent in 2024", the release said.
In the organisation’s figures for the South Caucasus, the Armenian economy is forecast to show a 4 percent growth in 2023, increasing to 4.5 percent next year, while Azerbaijan is expected to post a 3 percent growth for both 2023 and 2024.
The Georgian economy’s 2022 growth is projected to be at 10 percent in the final tallying of numbers for the past year, with a "much stronger” domestic economic activity observed compared with expectations in the aftermath of Russia’s invasion of Ukraine, the January report of the World Bank Global Economic Prospects has said.
Georgian Finance Minister Lasha Khutsishvili on Monday said the country’s economy had grown by 10 percent in the first 11 months of 2022, with the rate expected to be maintained in the final figures of the year.
Georgia’s gross domestic product per capita will reach $8,000 in 2023 while the current year is on track to close with 10 percent economic growth, Prime Minister Irakli Garibashvili said on Tuesday as part of his end-of-year summary of the Government’s work.
The Georgian economy grew by 10 percent in the first 10 months of 2022 with the real gross domestic product growth showing an 8.3 percent increase over the previous year, the latest data from the national statistics office shows.
Fitch Ratings, a global financial ratings firm, in its update on Friday, has affirmed Georgia’s Long-Term Foreign-Currency Issuer Default Rating status at a BB level, revising the financial outlook for the country’s financial developments from “stable” to “positive”.
Georgian Deputy Economy Minister Vakhtang Tsintsadze on Saturday said the revised rating of the financial outlook for Georgia’s fiscal development from “stable” to “positive”, by a global financial ratings firm Fitch, was owing to the Government’s macroeconomic policy, pursued “for years”, including the steps taken in terms of fiscal consolidation, high economic growth indicators and the structural reforms.
The Georgian economy grew by 11 percent in December and 10.1 percent over the past year, the latest data from the National Statistics Office of Georgia has shown.
The nominal gross domestic product of Georgia amounted to ₾71.75 billion ($27.87bln) in 2022, marking a 10.1 percent real GDP growth year-on-year, data published by the National Statistics Office of Georgia on Tuesday 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.
Georgian Finance Minister Lasha Khutsishvili on Thursday told the country’s Parliament financial authorities were working on harmonising the domestic legislation with the European Union and ensuring tax transparency through international agreements.
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.
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.
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.
The Georgian economy grew 7.2 percent in the first quarter of 2023 and 7.3 percent in March, the latest data for the gross domestic product by the National Statistics Office of Georgia on Friday shows.