Georgian economy to grow by 5.2% in 2024, World Bank says

The World Bank on Thursday released its Economic Update for Europe and Central Asia, estimating the Georgian economy to grow by 5.2 percent in 2024.

Rolande Pryce, the World Bank Regional Director in the South Caucasus, said “robust investment” and tourism were expected to continue supporting growth despite a slowdown in money transfer inflows.

Inflation is expected to converge to its three percent target by end-2024, while monetary policy will continue to ease gradually”, she said.

Pryce added the process of the country’s accession to the European Union had brought “unique opportunities” for Georgia to “further strengthen institutions” and regulatory enforcement and boost integration into international markets.

For Georgia, as for other countries in the region, boosting business dynamism will require addressing several challenges, including upgrading the competition environment, reducing state involvement in the economy, improving the quality of education, and strengthening the availability of finance for firms”, she noted.

The Asian Development Bank also published its economic publication earlier today, forecasting Georgia's gross domestic product to grow by five percent this year and by 5.5 percent in 2025.