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“Based on TBC Capital's assumption, due to the high base effect and the decrease in the global economic growth this year, the economy of Georgia is expected to grow by 3.9% next year,” - this is stated in the weekly update of TBC Capital.
"In 2022, according to the TBC Capital overview, if the economy growth rate reaches 10.6%, this means that the annual growth will be high in the coming months, although the monthly seasonally adjusted figure indicates a normalization of economic activity. Also, TBC Capital estimates that due to the high base effect this year and the decline in the global economic growth, the economy of Georgia will grow by 3.9% next year. Accordingly, pressure on inflation from the side of services and general demand will also return to its more natural level," – the updated version of the TBC Capital overview says.
It should be noted that according to the draft budget for 2023, the economic growth is planned within 5 percent. As for international organizations, according to the report published by the World Bank a few days ago, in 2023 the economic growth in Georgia will probably slow down to 4.2%, which reflects the weakening of the strong recovery stimulus in 2022, a decrease in the economic growth in the European Union and a sharper-than-expected decline in the volume of products made in Russia in 2023. According to the updated version of the overview of the Asian Development Bank, the growth of the gross domestic product of Georgia is expected by 6% in 2023.
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