BAKU, Azerbaijan, April 6. Asian Development Bank (ADB) has projected Georgia’s GDP growth at 3.5 percent in 2022 and at 5 percent in 2023, Trend reports via Asian Development Outlook 2022.
According to the report, Georgia’s GDP growth rebounded strongly from 6.8 percent contraction in 2020 to estimated 10.6 percent in 2021 with recovery in all major sectors, except construction and agriculture. After a robust recovery by 7.6 percent in 2020, the agriculture sector decreased by 2.5 percent as the quality of the hazelnut harvest, Georgia’s key agricultural export product, was diminished, the ADB explained.
Thus, Georgia’s economic growth will slow down in 2022 due to the hostilities between Russia and Ukraine, as those are one of main Georgia’s economic partners, which will slow down the trade turnover and remittances inflow, the report said.
“Georgia’s economic growth is forecast to recover somewhat in 2023 with some recovery in demand—both domestic, fueled by faster credit growth, and external, with exports facilitated by structural reform to trade and connectivity,” the ADB said.
---
Follow the author on Twitter: @mariiiakhm
