IMF: Georgia’s economic growth expected to reach 4% in 2023

The International Monetary Fund (IMF) predicts the growth of the Georgian economy in 2023 at the level of 4%, Report informs referring to Sputnik-Georgia.

At the same time, according to IMF forecasts, the inflation rate in 2023 will be above the target and will amount to 6%.

Earlier, the World Bank also lowered its GDP growth forecast for Georgia for 2023 from 5.5% to 4%.

The National Bank of Georgia has a similar forecast for economic growth in 2023. Meanwhile, in the budget, economic growth this year is projected at the level of 5%.

According to the base scenario of the National Bank, the growth of the country’s economy will slow down in 2023 and will be at the level of the period before the coronavirus pandemic at 4%. According to the regulator, the current 10% economic growth forecast for 2022 is mainly due to the flow of foreign visitors and their growing spending, as well as a high rate of lending.