The Parliamentary Budget Office has published an updated forecast of the economic growth in Georgia. According to the document, the average growth rate of the Georgian economy in 2022 will be 6.7%, which is 1.1 percentage points higher than the previous forecast of the Budget Office. It should also be noted that the budget office forecast for 2022 is 0.7 percentage points higher than the government forecast for the economic growth, particularly, the government predicts that the economy will grow by 6% this year.
As for the reasons for the improvement of the forecast, the Budget Office predicts that the tourism sector will be significantly recovered this year compared to 2021. At the same time, both exports and imports of services will increase.
In addition, the Budget Office forecasts an average annual economic growth rate of 5.4% over the medium term, covering the period 2022-2026, which is 0.1 percentage points higher than the forecast made by the Budget Office in December 2021.
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