Asian Development Bank raises Georgia's economic growth forecast to 7%

The Asian Development Bank (ADB) raised its economic growth forecast for Georgia from 3.5% to 7% due to increased exports and tourism, remittances, etc., Report informs via News Georgia.

The updated version of the Asian Development Outlook forecasts Georgia's GDP to grow by 6% in 2023.

"Georgia has recorded a significant increase in tourism and exports, which indicates that the country is in the process of overcoming the adverse effects of the pandemic," said Shane Rosenthal, Director of the ADB Resident Mission in Georgia.

ADB also raised its country's inflation forecast for 2022 to 11% and to 5% next year. The higher inflation outlook is driven by higher-than-expected global consumer prices and strong domestic growth.