Chief Economist of "TBC Group" Otar Nadaraia said that TBC Capital predicts, the Georgian economy to grow by more than 9% this year.
According to Otar Nadaraia, traditional tourism (without the effect of migration) and local exports growth are the main factors that lead to high economic growth in the country.
"Traditional tourism ( without the migration factor), is the main factor of economic growth. Before the official statistics on tourism are published, we can see from TBC channels that in August and September, non-residents/foreigners spent approximately 50% more money in Georgia compared to last year, which is a high rate considering the role of tourism in the economy. It is worth noting the local exports also increased, but mostly at the expense of ferroalloys", said Otar Nadaraia.
The chief economist of "TBC Group" highlighted the contribution of lending to the double-digit growth of the Georgian economy.
As for the so-called effect of migration, which was one of the main factors of economic growth in Georgia in recent years, the chief economist of "TBC Group" notes, that the effect of migration is decreased.
In 8M24, the economy of Georgia grew by 10%, and in August, the growth rate was 12%. According to the draft 2025 budget project, the government increased the economic growth forecast for 2024 to 8.2%, and planned the next year's budget for 5.5% growth.
