25.Oct .2022 18:00

What Impact Will The Recession Have On The Region In 2023? - The WB

What Impact Will The Recession Have On The Region In 2023? - The WB
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Sebastian Molineus, World Bank Regional Director for the South Caucasus declares, that in the last two years, impressive economic growth has been seen in Georgia. According to Molineus, the World Bank expects 8.8% economic growth in the country in 2022, however, according to his estimation, the actual growth can be even higher.

"For the last two years, we have seen impressive growth in Georgia, this year we predict an 8.8% growth, although I think that the economic growth will be even higher. It is true that hindering factors for the economy can be continued in the next year as well, although it affects all countries. In part, this will be related to the partial recession in Europe, as well as the economic slowdown in neighboring countries. Georgia is a country with an open, liberal and trade-oriented economy.

In the countries from which visitors come to Georgia, the economic growth is expected to slow down, therefore, this may also affect the opportunities for growth in the next year," said Sebastian Molineus.

According to the World Bank Group, in 2023 the economy of Georgia will grow by 4%, a 2.3% recession is expected in Russia, 2.5% growth in Azerbaijan, 3% in Turkey, and 3.5% growth in Armenia. However, the World Bank Group does not make a 2023 forecast for Ukraine, where a 35% decline in the economy is expected this year.

In 2021, the economy of Georgia grew by 10.4%, and in 8 months of 2022, the actual growth was 10.3%.