25/11/2022
09:06
Economic
The European Bank for Reconstruction and Development (EBRD) forecasts the economic growth of Georgia to 8% this year, and the annual inflation to 11.6%. This is stated in the EBRD report.
By 2023, the EBRD predicts Georgia's GDP to grow by 5%, but notes that much will depend on the geopolitical situation and the related financial risks.
This year's forecast of the EBRD is more moderate than the expectations of the International Monetary Fund, because in the October report, the Fund predicted the growth of the GDP of Georgia by 10%, and inflation up to 10.5%.
In addition, due to the situation created in Ukraine and related impacts, the inflationary pressure expanded as a result of the increase in the price of fuel and energy resources. In August 2022, compared to the previous year, the inflation rate amounted to 10.9%.
The EBRD notes that the $280 million reserve agreement signed by the Georgian government with the International Monetary Fund in June 2022 helped reduce uncertainty and create a more predictable business environment in the country.
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