World Bank confirms estimate for growth of 4.8% in Georgia's GDP in 2024

TBILISI. Jan 10 (Interfax) - The World Bank has reaffirmed its October outlook for growth of 4.8% in Georgia's GDP in 2024 and 4.5% in 2025, the bank said in its January Global Economic Prospects overview.

The World Bank last October lowered its estimate for growth in Georgia's GDP in 2024-2025, with the bank in June having forecast the country's GDP to rise 5% over the next two years.

The World Bank has also markedly improved its estimate for growth in the country's GDP to 6.5% in 2023 from the previous outlook of 5.9% in October.

Georgia's government expects the country's GDP to rise 5.2% in 2024, and the National Bank forecasts growth of 5%. The International Monetary Fund projects GDP to increase 4.8% in 2024, and the Asian Development Bank anticipates growth of 5%. Georgia's Galt & Taggart investment bank projects the country's GDP to rise 5.4%-6% this year.

Georgia's authorities estimate that growth in GDP decelerated to 7% in 2023 from 10.4% in 2022.