The European Bank for Reconstruction and Development (EBRD) has adjusted its economic growth forecasts for Georgia in 2023 and 2024. In its May report, the EBRD initially anticipated a 5% expansion in Georgia’s economy. However, the updated report now predicts a probable growth rate of 6%.
instead, the growth outlook for 2024 has been scaled back to 4.5% from the previous estimate of 5.3%. This adjustment is attributed to a higher base effect. By comparison, the Georgian government is anticipating a 5.2% economic growth rate by 2024.
While the EBRD’s projections remain slightly below the Georgian government’s expectation of 6.5% in 2023, they provide valuable insights into the economic trajectory of the country.
The EBRD’s growth forecasts for other countries in the region are as follows:
Ukraine: 1% increase
Turkey: 3.5% growth
Azerbaijan: 1.5% increase
Armenia: 6.5% growth
Russian Federation: 1.5% increase
Kazakhstan: 5% growth
Collectively, the EBRD anticipates a 2.4% growth in the economies of the countries in its region. This is a 0.2 percentage point improvement from the previous forecast.