National Bank Governor, Koba Gvenetadze, says the economic growth forecast for this year is much higher than 7.7%, likely to be 8%. Gvenetadze says that the National Bank will update its economic growth forecast at the next meeting of the Monetary Policy Committee on August 4.
"According to preliminary estimates, work is underway and we will probably have to wait until August 4, but we think the growth will be more than 7.7% and it will be at least 8% or more. This is based on the very solid situation and buffers that commercial banks have and which remain the locomotive of the economy.
Of course, there are many uncertainties and we hope there will be no unforeseen negative factors that will affect us. We think that in our main scenario there will be an even higher rate than the government or the IMF predicts, "- said Koba Gvenetadze.
It should be noted that the International Monetary Fund has updated its macroeconomic forecast for Georgia. The fund forecasts 7.7% economic growth in Georgia this year. This is twice as much as the fund's previous forecast of 3.5%.
Like the IMF, the Georgian government expects 7.7% economic growth in the country this year. This is the indicator of the expected growth of the year in the draft budget adjustment.
