15 July 2024,   00:17
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Georgian economy has been projected to grow 5.2% in 2024 in the June edition of World Bank’s Global Economic Prospects report

The Georgian economy has been projected to grow 5.2% in 2024 in the June edition of the World Bank’s Global Economic Prospects report.

The report says the growth is projected to ease this year in the country as a result of tight monetary policy, declining money transfer inflows and a slowdown among trading partners: “There are significant risks to the outlook, including those stemming from geopolitical uncertainties”.

“However, the growth forecast is still higher in June’s edition compared to the January one, when a 4.8% growth was projected.

The Georgian economy expanded by 7.5% in 2023 after 2 years of double-digit growth, driven by strong investment. Economic activity remained robust in 2024, growing by 9% year-on-year in the first 4 months.

The inflation declined sharply in 2023, driven by lower commodity prices, particularly for food and fuel and a strong Georgian GEL. Annual inflation was at 2% last month, while core inflation was 1.7% y/y. The inflation is expected to converge to its 3% target by end-2024”, - reads the report.

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