The World Bank (WB) published the latest Global Economic Prospects report. The report is published twice every year and presents the economic growth outlook of different countries, including Georgia.

Based on the report, following double-digit growth in 2021 and 2022 growth in Georgia eased in 2023, while remaining robust at 6.5 percent. This is higher than originally forecasted, as a rebound in private consumption coupled with continued recovery in tourism helped offset a decline in money transfer inflows.

Inflation has declined sharply in 2023, driven by lower commodity prices, particularly for food and fuel, along with a strong Georgian lari (GEL).

Inflation is expected to end the year below the 3-percent target rate. Going forward, growth is expected to ease to 4.8 percent in 2024, reflecting a projected slowdown among trading partners as well as further reduction in money transfer inflows.

Monetary policy is expected to be eased to support economic growth while remaining prudent.

“As the world nears the midpoint of what was intended to be a transformative decade for development, the global economy is set to rack up a sorry record by the end of 2024 — the slowest half-decade of GDP growth in 30 years,” reads the World Bank’s latest Global Economic Prospects report.