The Georgian economy is forecast to grow by 5.2% in 2023 and by 4.6% in 2024, the World Economic Situation and Prospects report by the United Nations said.
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%.
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 1%, expanding by a modest 2.3% in 2024”, the release said.
In the organisation’s figures for the South Caucasus, the Armenian economy is forecast to show a 4% growth in 2023, increasing to 4.5% next year, while Azerbaijan is expected to post a 3% growth for both 2023 and 2024. (Agenda/Business World Magazine)