“In Georgia, growth is projected at 7.5% for 2024, well above the potential level, driven by household consumption, investment, and government spending,” says the World Bank’s Economic Update for the region, released on Thursday.
According to the report, re-exports to Central Asia (mainly used cars) have surged over the past year, while the trade deficit is expected to remain in double digit.
“In the medium term, growth is expected to moderate to 5%, returning to its potential rate.
Key downside risks include uncertainties surrounding the post-election landscape and Georgia’s commitment to making decisive progress on EU accession,” reads the report.
