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Friday, February 3, 2023

Levan Davitashvili: 2022 growth should be higher than predicted by financial institutions

Georgia: Georgia's economic growth in 2022 should be greater than financial institution predictions, Economy Minister Levan Davitashvili stated at a plenary session of the Georgian Parliament on Friday.

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Georgia: Georgia’s economic growth in 2022 should be greater than financial institution predictions, Economy Minister Levan Davitashvili stated at a plenary session of the Georgian Parliament on Friday.

MPs were briefed by Davitashvili on current economic trends, the Government’s visions, and the main economic policy directions.

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We anticipate that the planned economic growth will be achieved. The Georgian Government has repeatedly shown that we have a successful experience in dealing with shocks. “We had a really terrible pandemic era, but we also had one of the strongest economic growth rates in the South Caucasus,” the Minister stated.

Georgia’s GDP grew by more than 10% in 2021, hitting “double-digit” growth, according to Davitashvili, who added that the figure for the first quarter of 2022 reached 14.4%.

He also stated that the Government had assessed the war in Ukraine’s potential impact “from the very beginning.”

Assuming different shocks, we revised our economic growth projection and thought that it could have been decreased by three percentage points, i.e. rather than the projected six per cent, the growth could have been set at three or 3.5 per cent. This prediction was shared by our international partners, with international financial institutions fully agreeing with our estimations,” Davitashvili noted.

According to the Minister, this is not a “pleasing scenario,” and the Government has been “mobilised” to compensate for the potential loss of growth figures and undertake targeted policies to help the economy.

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