The Georgian economy is projected to grow by 5.5% in 2022 and by 5% in 2023, the January edition of the World Bank’s report Global Economic Prospects 2022 says.
The latest data on real Gross Domestic Product (GDP) showed that the Georgian economy increased by 12% YoY in November 2021 and by 10.7% in January-November 2021, the National Statistics Office of Georgia (Geostat) stated.
Finance Minister Lasha Khutsishvili says that “by the end of 2022, the volume of our economy will approach 65 billion GEL, and GDP per capita will be more than $5,600”.
The World Bank report goes on to say that the Georgian economy is estimated to be the second-fastest growing economy in the region of Europe and Central Asia (ECA) in 2021, with an estimated growth of 10.5%, “reflecting a strong rebound in domestic demand.”
“Georgia’s economy is projected to ease toward its potential growth rate in 2022 and 2023 amid tighter fiscal policy,” the report reads.
The World Bank states that “the forecast is predicated on limited pandemic-related disruptions supported by progress with vaccinations, and improving consumer and business confidence.” (Agenda/Business World Magazine)
