IMF predicts 4% Economic Growth for Georgia in 2023

The International Monetary Fund (IMF) has forecasted that Georgia's economy will grow by 4% this year and 5% by 2024, according to its latest world economic outlook report.

The predicted figures are in line with the IMF's previous forecast. However, the forecasted economic growth rate is lower than that predicted by the Georgian government, which is 5% for 2023 and 5.2% for 2024. The IMF report also included a prediction for the country's inflation rate, forecasting an average inflation of 5.9% for 2023 and 3.2% for 2024.

The economic growth indicators for other countries in the region were also shared in the report. Russia is expected to experience a 0.7% increase, while Ukraine is predicted to see a 3% drop. Azerbaijan is expected to experience a 3% growth rate, while Armenia is expected to experience a 5.5% growth rate. Turkey is expected to see a 2.7% growth rate.

The IMF's forecast provides important insight into the economic prospects of Georgia and the wider region, enabling the country's policymakers to plan effectively and adjust their policies accordingly. The predicted growth rate of 4% is a positive development for Georgia and demonstrates that the country's economy is expected to continue growing in the coming years.