Georgian Prime Minister Irakli Garibashvili projects the Georgian economy to grow by 7.7% this year, while the nominal gross domestic product (GDP) will amount to 57.2 billion GEL (about $18.13 or EUR 15.27 billion).
“When we started opening up the economy and removing regulations four months ago, it created quite positive expectations in business and in the country in general. We had unprecedented economic growth of 45% in April. In May, we had a 25% growth, which led to a change in this year’s forecast, and this year, according to our updated forecast the economy will grow by 7.7%, and the nominal GDP will be 57.2 billion GEL”, Gharibashvili said.
Last month Garibashvili stated that in a pessimistic scenario the Georgian economy was expected to grow by 7%, while in an optimistic scenario it would grow by more than 10% this year.
The World Bank’s report Global Economic Prospects 2021 reads that the Georgian economy is projected to grow by 6% in 2021, by 5% in 2022 and again by 5% in 2023.
The estimated real GDP growth rate in May amounted to 25.8% YoY and 11.5% in January-May, preliminary data from the National Statistics Office of Georgia showed. (Agenda/Business World Magazine)
