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The Georgian Parliamentary Budget Office has released its quarterly economic growth forecast. According to the document, in the second quarter of 2022, the Georgian economy will grow by only 3.3%. We would like to remind you that in the same period of 2021, the economic growth of Georgia achieved 28.9%. Accordingly, the economic growth forecast was set at 3.3% against the background of the high baseline effect.
As for the main assumptions which the Parliamentary Budget Office relies on, they include the increase in the volume of tourism. According to the document, the volume of tourism will increase by about 2.4 times in the second quarter. It is stated in the document that the volume of tourism will increase by about 2.4 times in the second quarter. At the same time, the number of departures will grow. In addition, it is expected to maintain domestic tourism activity rate. According to the document, the volume of both private consumption and investment will also increase, which will lead to an increase in the total consumption and investment, and this positive pace of economic activity.
The Parliamentary Budget Office names the trade improvement as another argument for a determinant in forecasting the economic activity, particularly, against the background of the recovery of the global economy, it is expected that the demand for exports will increase and, consequently, the volume of exports of goods will grow.
We would also like to remind you that in the first quarter of this year, the Georgian economy grew by 14.4%.
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