The international rating agency S&P Global has increased the economic growth forecast of Georgia from 4% to 8%. According to the agency, the reason for the increase is the migrant flows into the country as a result of the war, which ensures the restoration of tourism. The forecast for 2023 and 2024 is 3% and 4.5%, respectively.
As for other international organizations, according to the updated forecast of the World Bank, the country's economy will grow by 5.5% this year. The new indicator is 3% higher than the forecast published in April, but it is unchanged compared to the report published in January - the World Bank predicted a 5.5% growth of the Georgian economy in January, but in April it reduced the forecast to 2.5%.
The International Monetary Fund (IMF) reduced the economic growth forecast, according to which the real GDP growth in the country will be 3.2% this year. However, as the representative of the IMF said in July, the forecast may increase again to the previous figure, up to 5.5%, and this will depend on the pace of recovery.
The National Bank of Georgia predicts the country's economy to grow by 9% this year. The President of the National Bank, Koba Gvenetadze, expects that the increase in interest rates by the US Federal Reserve System and the European Central Bank will have a similar effect to the tightening of monetary policy on foreign currency lending in Georgia.
According to the data published by the National Statistical Office of Georgia (Geostat), the average growth rate of the country's economy in the first 7 months of 2022 is 10.3%, and the growth rate in July is 9.7%.
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