In 2022, TBC Capital expects the economy of Georgia to grow by 10.6% annually. According to the organization's baseline forecast, the annual export growth will be 28%; the tourism rate [influenced by migration] will exceed the pre-pandemic 2019 figures by 5%; the foreign direct investment [including reinvestment] will increase by 35%, and remittances - by 23% annually.
TBC Capital’s chief economist Otar Nadaraia says that the organization does not plan to revise the forecast figures in August. According to him, the real growth of gross domestic product in 2022 will be mainly at the expense of tourism.
"In the final scenario the growth of the gross domestic product will exceed 10%. We think that the annual growth of the economy will be double-digit in August. Additionally, according to our forecast, the economy growth will be higher in the second half of the year compared to the first half of the year. If we consider it in annual terms, the main sector is tourism, because it is the largest industry of our economy. In July, foreign currency inflows increased by 120% compared to 2019. Year-on-year, this recovery rate is much higher, as 2021 was not a significant recovery period. Export rate is also a contributing factor in the economic growth. Also, remittances are strong. I cannot say that bank lending is quite high, but it is still moderately strong. As for the fiscal factor, it is, on the contrary, restrictive, because this year compared to 2021 we will have a smaller deficit than last year. Mainly tourism, exports, remittances, moderate bank crediting will ensure this economic growth", - Nadaraia said.
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One US dollar trades at GEL 2.7174
10/07/2025
