According to the current forecast of the National Bank of Georgia, the economy of Georgia will grow by 4.5% this year, but today the President of the National Bank of Georgia, Koba Gvenetadze, told the media that, taking the current trend into account, the GDP growth rate will most likely increase.
"We will update the key macroeconomic indicators during the Monetary Policy Committee in early August. I can say now that based on the results we have now, again given the trends we are looking at going forward, the economic growth forecast will most likely be revised upwards," - said Koba Gvenetadze.
As for the inflation, according to the forecast of the National Bank of Georgia, the average annual inflation rate this year will be 9.5%. Koba Gvenetadze does not rule out that the NBG should revise the current inflation forecast.
"For example, oil prices decreased last week due to the fact that the US Federal Reserve will continue to tighten monetary policy, which may lead to a global recession and which will affect oil prices. The decrease in oil prices will be reflected in Georgia after a certain period of time - not immediately, but over a period of time. That is why we will also analyze these factors.
At this point, I can tell you that the forecast we have for inflation is the same - 8.5-9% on average, 9.5% at the end of the year, but due to the fact that quite a lot of changes are taking place in a short period of time, it is difficult to say now how this rate will update", said Koba Gvenetadze.
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