The World Bank projected the Georgian economy to grow by 7.5% in 2024, as well as 5.2% in 2025 and 5% in 2026.

The Europe and Central Asia Economic Update of the Bank said growth was driven by household consumption, investment, and Government spending.

“Re-exports to Central Asia (mainly used cars) have surged over the past year, while the trade deficit is expected to remain in double digits. In the medium term, growth is expected to moderate to 5%, returning to its potential rate”, the report reads.

It also highlights “key downside risks” to this scenario, including “uncertainties” related to the post-October 26 Parliamentary election landscape and Georgia’s commitment to making “decisive progress” on EU accession.

In the meantime, the Georgian economy grew by 12% year-on-year in August, while the average real gross domestic product growth for January-August equaled 10%, the National Statistics Office said in its latest update of the figure.