"Georgia's economy grew by 5.1% in September 2023, which is in line with our expectations," the review notes.

According to the organization's assessment, inflation rate remains at a low level, while in September annual inflation rate amounted to 0.7%. The review notes that the National Bank of Georgia left the refinancing rate unchanged at 10.0% at its meeting on October 25, 2023, as the regulator sees additional uncertainty in the inflation forecast due to the acute geopolitical situation. Therefore, Galt & Taggart updated the refinancing rate forecast.
"We expect a rate of 9.75% in December 2023 and a decline to 8.75% by the end of 2024, which is 25 basis points higher than our previous forecast," - the review said.