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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