BAKU, Azerbaijan, July 21. Asian Development Bank (ADB) raised the inflation forecast for Georgia in May 2022, Trend reports with reference to the bank.
According to the ADB, the inflation forecast for Georgia rose to 12.6 percent in May 2022 due to an increase in food prices as a result of supply disruptions amid the conflict in Ukraine.
"However, Georgia’s economy grew by 14.4 percent in the first quarter of 2022. Money transfers from abroad surged by 54.3 percent as tourist arrivals rose by 258 percent year-on-year in the first five months of 2022," the ADB reported.
Notably, the inflation forecasts for the Caucasus and Central Asia are raised from 8.8 percent to 11.3 percent for 2022 and from 7.1 percent to 8.1 percent for 2023.