The National Bank of Georgia has updated macro forecasts
The National Bank of Georgia has updated its macroeconomic forecasts for 2021-2023. Now, according to the baseline scenario, the central bank expects GDP growth in the country this year at the level of 8.5%, and in the next two years - by 4% and 5%, respectively.
The latest forecasts of the National Bank also contain alternative scenarios for the development of the economy, depending on the spread of the COVID-19 pandemic and the rate of vaccination of the population.
In particular, according to the optimistic forecast, Georgia's GDP will grow by 10% in 2021, economic growth will slow down to 5% in 2022, and will amount to 5.5% in 2023. The pessimistic scenario allows for GDP growth of only 6% this year, 2% in 2022, and 4% in 2023.
Inflation in Georgia, the target of which is set by the National Bank for 2021-2023 within 3%, will be 9% this year, according to the baseline scenario, and 5.5% and 3%, respectively, in the next two years. The optimistic forecast assumes an increase in consumer prices in 2021 by 8.5%, in 2022 - by 4.5%, in 2023 - by 3%, and the pessimistic one assumes inflation of 10%, 7.5% and 3%, respectively.
In July, the Georgian government adjusted the country's state budget for 2021, the parameters of which were changed taking into account the improvement in the forecast of GDP growth for the year to 7.7% against the previously expected 4.3%.
In the updated state budget of Georgia in July, the inflation of 2021 is set at 4% (previously it was predicted at 3%).
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The National Bank of Georgia has updated macro forecasts
The National Bank of Georgia has updated its macroeconomic forecasts for 2021-2023. Now, according to the baseline scenario, the central bank expects GDP growth in the country this year at the level of 8.5%, and in the next two years - by 4% and 5%, respectively.
The latest forecasts of the National Bank also contain alternative scenarios for the development of the economy, depending on the spread of the COVID-19 pandemic and the rate of vaccination of the population.
In particular, according to the optimistic forecast, Georgia's GDP will grow by 10% in 2021, economic growth will slow down to 5% in 2022, and will amount to 5.5% in 2023. The pessimistic scenario allows for GDP growth of only 6% this year, 2% in 2022, and 4% in 2023.
Inflation in Georgia, the target of which is set by the National Bank for 2021-2023 within 3%, will be 9% this year, according to the baseline scenario, and 5.5% and 3%, respectively, in the next two years. The optimistic forecast assumes an increase in consumer prices in 2021 by 8.5%, in 2022 - by 4.5%, in 2023 - by 3%, and the pessimistic one assumes inflation of 10%, 7.5% and 3%, respectively.
In July, the Georgian government adjusted the country's state budget for 2021, the parameters of which were changed taking into account the improvement in the forecast of GDP growth for the year to 7.7% against the previously expected 4.3%.
In the updated state budget of Georgia in July, the inflation of 2021 is set at 4% (previously it was predicted at 3%).
apsny.ge
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