BAKU, Azerbaijan, Feb. 8
By Maryana Akhmedova – Trend:
According to the forecast, the revised growth rate for Georgia’s GDP in 2021 will amount to 11.3 percent, and to 5.6 percent in 2022 (in the baseline scenario), Trend reports, citing the statistical data from Policy and Management Consulting Group (PMC).
However, in the optimistic scenario, which envisions higher COVID-19 vaccination rates and a lower likelihood of lockdowns, the economy is expected to grow by 6.3 percent in 2022, and in the pessimistic scenario, which envisions lower vaccination rates and a higher chance of lockdowns, economy is predicted to grow by 4.1 percent in 2022, the PMC said.
Meanwhile, according to the PMC’s forecast for Georgia’s state budget for 2022, the planned tax revenues are to amount to 13.4 billion Georgian lari ($4.6 billion), which is an increase of 17.3 percent, compared to 2021.
The planned tax revenues for 2022 are higher mainly due to the increased planned revenues from income tax and profit tax, which are expected to increase by 808 million Georgian lari ($278.6 million) and 605 million Georgian lari ($208.6 million) respectively, compared to 2021. The highest percentage increase is projected for revenues from profit tax, which is expected to increase by 59.6 percent, compared to 2021, the research said.
According to the report, Georgian state budget expenditures in 2022 are to be increased by 2.4 percent, compared to 2021, by 15.4 percent, compared to 2020, and by 41.3 percent, compared to 2019.
The expenditures on economic activity are expected to increase by 26.2 percent in 2022, while expenses on healthcare will decrease by 26.7 percent, compared to 2021.
The expenditures on social security, which have drastically increased by 43.7 percent in 2020 and by 43.2 percent in 2021, compared to 2019, will remain high in 2022 – 4.4 billion Georgian lari ($1.5 billion), or 26 percent of the total state budget expenditures, the PMC said.
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