As the Banking Association stated, the current war in Ukraine will affect both economic growth and growth rate of the banking sector portfolio itself.

"The growth trend of the portfolio will continue this year as well. However, the calculations made at the beginning of the year or last year are already irrelevant. We expected the total portfolio of banks to grow by 10%, although from this perspective this may not be achievable. As for the economic growth, we consider the scenario to be the most realistic, within which the growth rate will be in the range of 2.5-3% this year," – the President of the Banking Association, Alexander Dzneladze, said.

To be informed, the current year's budget is projected at a 6%-economic growth. However, as it is known, the Finance Ministry of Georgia is already working with international financial organizations to correct this forecast. 

Giorgi Kakauridze, the Deputy Minister of Finance of Georgia, stated that due to the ongoing war in Ukraine, the Georgian economy may suffer by $ 1 billion. According to him, it will be impossible to achieve 6%-economic growth this year.