The Minister of Finance, Lasha Khutsishvili declares that a conservative approach has been maintained while planning the 2023 budget project. According to him, 5% economic growth is predicted in 2023, while 5.2% - in the medium term.
"In 2022, we are practically back to the pre-pandemic level. In the process of forecasting, we have analyzed such factors as: regional risks, a decrease in global trade turnover, worldwide tightening of monetary policy due to inflation and, accordingly, a possible recession, and others. However, at the same time, we have additional resources for the growth of tourism and investments. As we have already told you, when planning the budget, we maintain a conservative approach", - noted the Minister of Finance.
According to him, in 2023 the deficit is planned at the level of 2.8%, and later - at 2.3-2.2%, which ensures the downward dynamics of the debt.
"In the medium term, debt will continue to decline. We will continue to support economic growth with highly efficient capital investments. In 2022, the rate of government savings is recovered at 4.2% of GDP. This means that we finance more than half of the capital expenditure from our own funds, and the deficit is used to finance the rest of the capital expenditure. Positive fiscal savings are an essential component of fiscal sustainability. We remain committed to the principle of not borrowing for current expenses and financing the largest part of state investments with our funds", said the Minister of Finance, Lasha Khutsishil.
