World Bank forecasts Georgian economy to grow by 5.5% in 2022, 5% in 2023

World Bank forecasts Georgian economy to grow by 5.5% in 2022, 5% in 2023
World Bank forecasts Georgian economy to grow by 5.5% in 2022, 5% in 2023
By bne IntelliNews January 13, 2022

The Georgian economy is projected to grow 5.5% in 2022 and 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) show that the Georgian economy increased by 12% in November 2021 year-on-year and by 10.7% in January-November 2021, the National Statistics Office of Georgia (Geostat) states.

Finance Minister Lasha Khutsishvili says that “by the end of 2022, the volume of our economy will approach GEL65bn, 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 GDP growth for 2021 was predicted by the EBRD in November to total 7.5%, fully reversing the 6.2% contraction seen in 2020.

Data

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