Georgia economic growth forecast for 2023

Georgia economic growth forecast

Despite looming recession around the world, and owing to external factors, last year was economically successful for Georgia, as recognized by almost all international financial organizations. Georgia is likely to end 2022 in double-digit economic growth, one of the highest in the region and the world.

According to experts, the beginning of 2023 will be full of challenges to the world. The outcome of the Russian-Ukrainian war is still not clear, relations between the United States and China are strained, and the West is facing the threat of recession amid record high inflation and monetary tightening.

According to the official forecast of the Georgian government, 5% economic growth is expected this year. The National Bank considers the more realistic GDP growth in 2023 to be 4%.

Financial institutions suggest that 2023 will be a good year for Georgia, and there is a chance that the country’s gross domestic product will increase by another 6%.

Economic growth forecasts for 2023 by organization:

Official government forecast:

• 5%
  National Bank of Georgia:
• 4%
  International Monetary Fund (IMF):
• 4%
  World Bank (WB):
• 4%
  Asian Development Bank (ADB):
• 6%
  Brokerage House Galt & Taggart:
• 5%
  TBC:
• 3.5%

• Georgia’s economic dependence on Russia is growing
• “Lack of political will” – Why Georgia does not join anti- Russian sanctions?
• Georgia’s budget for 2023: social spending predominates

While many of the world’s economies are suffering from the impact of the Russian invasion of Ukraine, several countries are benefiting from the influx of Russian migrants, and Georgia is among them, CNBC has noted..

According to the later, along with Armenia and Turkey, migrants to Georgia have initiated an economic boom.

The Georgian government denies the impact of migrants on economic growth, however. According to Prime Minister of the country, Irakli Garibashvili, the cause of this growth is “the prudence of the government and the pragmatic national policy.”

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Georgia economic growth forecast