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UN shares GDP growth forecast for Georgia in 2022-2023

Georgia 14 January 2022 15:44 (UTC +04:00)
UN shares GDP growth forecast for Georgia in 2022-2023

BAKU, Azerbaijan, Jan. 14

By Maryana Akhmedova – Trend:

Georgia’s real GDP growth is expected at 4.4 percent in 2022, Trend reports, referring to the World Economic Situation and Prospects 2022 report released by the UN.

The UN’s estimated GDP growth in Georgia for 2021 was at 9.5 percent, compared to a decrease of 6.2 percent in 2020.

According to the report, in the baseline scenario, Georgia’s real GDP growth in 2023 will be at 4 percent.

Meanwhile, the consumer price inflation in Georgia is forecast at 4.6 percent in 2022, and 2.6 percent – in 2023, compared to the estimated 8.9 percent in 2021, and 5.2 percent in 2020.

According to the UN, Georgia saw recovery in remittances inflow and tourism revenues in 2021, which supported its economy. The labor market conditions in Georgia in the reporting period also improved significantly. However, Georgia, as well as many other countries, experienced increase in inflation rate in 2021, which led to the monetary policy tightening.

The economic outlook for the region, according to the report, has several drawbacks, such as increased instability in prices for goods, slow COVID-19 vaccination pace, and rising risks in the banking sector.

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