WB Updates Outlook On Georgia's GDP Growth

6/13/2024 5:23:15 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 13. The World Bank projects that Georgia's Economy will grow by 5.2 percent in 2024 and 5 percent in 2025, according to the bank's updated outlook for 2024, Trend reports.

In its previous forecast from January this year, the bank predicted Georgia's economy would grow by 4.8 percent in 2024 and 4.5 percent in 2025. Thus, the forecast has been raised by 0.4 percent and 0.5 percent, respectively.

Statistics show that Georgia's real economic growth in April 2024 was 11.8 percent compared to the same period in 2023. The average real GDP growth rate from January to April 2024 was 9 percent.

After a 6.8-percent economic decline in 2020, Georgia has experienced a rapid recovery since April 2021, reflected in almost all economic indicators. This includes increases in exports and imports, remittances, and business turnover. Georgia's economic growth was 10.6 percent in 2021, 11 percent in 2022, and 7.5 percent in 2023.

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