05.Oct .2022 11:00

Growth In Georgia Would Slowdown In 2023, To An Estimate Of 4.2% - The WB

Growth In Georgia Would Slowdown In 2023, To An Estimate Of 4.2% - The WB
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The World Bank published its Economic Update for the region, including Georgia under the influence of the Russian invasion of Ukraine and the consequences of the pandemic. The real GDP growth projections for Georgia in 2022 have been increased to 8.8 percent (instead of projected 5.5%), the highest in the ECA region. This has been supported by a strong recovery in domestic demand and a surge in net money transfers.

"In sight of the double-digit growth during the first eight months of the year, real GDP growth projections for Georgia in 2022 have been increased to 8.8 percent (instead of projected 5.5 percent), the highest in the ECA region. This has been supported by a strong recovery in domestic demand and a surge in net money transfers.

Growth in Georgia would slowdown in 2023, to an estimate of 4.2%. The deceleration reflects weakening momentum after a strong rebound in 2022, the slowdown in the European Union, and a sharper-than-expected contraction of 2023 output in Russia.

Price pressures are expected to moderate in 2023, as demand cools and long-term fixed-price contracts are expected to help mitigate energy commodity price shocks in Georgia", - the document reads.