Irakli Kovzanadze Expects Growth Of More Than 6% This Year

08:44 Wed, 17 August

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06.Jul .2022 17:00

Irakli Kovzanadze Expects Growth Of More Than 6% This Year

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Author:Natia Taktakishvili

The Chairman of the Budget and Finance Budget Committee of the Parliament expects growth of more than 6% this year, citing inflation as the main challenge.

Irakli Kovzanadze stated this while assessing the performance of the state budget.

“We will perform revenues of the state budget with an excess. Progress is recorded in practically all directions. We have the opportunity to end the current year with a higher economic growth rate than what is included in the state budget (6%). I do not rule out some adjustment of the state budget in the direction of growth in the fall," he said.

According to Irakli Kovzanadze, high inflation remains the main challenge against this background.

"It is important to tighten the monetary and credit policy, and to reduce the budget deficit in the fiscal sphere (in 2022, the budget provides a 4.4% deficit). This year we have made progress in both directions: the policy has been tightened and the budget deficit has decreased (from 9.3% to 3.6%), which affects both inflation and the exchange rate of the GEL. Hopefully, this trend will continue", Irakli Kovzanadze noted.

Irakli Kovzanadze Budget and Finance Committee