EBRD upgrades Georgia's 2023 growth forecast to 6%

By bne IntelliNews September 28, 2023

The European Bank for Reconstruction and Development (EBRD) has revised its economic growth forecasts for Georgia, raising its growth outlook in 2023 from the initial projection of 5% to an improved estimate of 6%. 

However, the EBRD has concurrently reduced its growth forecast for Georgia in 2024, revising it down to 4.5% from the earlier projection of 5.3%. This adjustment is likely due to the influence of a higher base effect. 

Comparatively, the EBRD's 2023 growth forecast is slightly below the Georgian government's expectation of 6.5%. The Georgian government anticipates a slightly higher economic growth rate of 5.2% by 2024.

Overall, economic growth for the EBRD region as a whole is projected at 2.4%, reflecting a 0.2 percentage point increase compared to the previous forecast.


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