TBC Capital raises the annual economic growth forecast to 6.4%, - according to TBC chief economist Otar Nadaraia.
"So far, January's indicators have not been published yet, however, the foreign sector, VAT turnover, other credit activities, which we observe and what our short-term forecasting model shows, it seems that the double-digit growth rate is maintained in January and possibly in February as well. Last year, we were even thinking about 3.5% economic growth forecast for 2023.
Our last forecast for economic growth is 5%. However, the report will be published on Monday, I will tell you ahead that we have increased our forecast to around 6.4%. These are quite strong indicators. So far, the base effect is a little "deceiving", although the overall activity is high, we see what the situation is with immigrants, de-escalation did not happen in Ukraine, which we expected, so we think that the growth will be 6.4% this year as well", said Otar Nadaraia.
