The Asian Development Bank projects the Georgian economy to grow by 7% in 2022, “driven by higher export and tourism revenue, a large inflow of money transfers, and strong private consumption”, the bank said in a report on September 21.
The ADB also forecast Georgia’s real gross domestic product growth to be 6% in 2023, in an update from previous estimates in April, when it forecast growth of 3.5% in 2022 and 5% in 2023 for Georgia.
“Georgia has seen significant growth in tourism and exports which indicates that the country is overcoming the adverse effects of the pandemic,” said ADB country director for Georgia Shane Rosenthal.
Inflation is projected to accelerate to 11% in 2022 before slowing to 5% next year.
The Georgian economy grew by 7.1% YoY in the second quarter of 2022, while the gross domestic product deflator percentage change equaled to 8.2%. (Agenda/Business World Magazine)