The European Bank for Reconstruction and Development (EBRD) raised Georgia’s economic growth forecast for 2021 by 1 percent to 4.5 percent, Trend reports via the EBRD Regional Economic Outlook.

At the same time, in 2022, the EBRD forecasts a 5.5 percent growth of the Georgian economy.

The EBRD also improved its regional growth forecast for 2021, raising it from 3.6 percent to 4.2 percent.

The EBRD Regional Economic Outlook reports that with 20.2 percent growth in 2021, the recovery of emerging economic systems in Eastern Europe, Central Asia, and North Africa will pick up after the COVID-19 pandemic.

Meanwhile, the ADB projected Georgia’s gross domestic product (GDP) growth to accelerate to 6 percent in 2022 as a full reopening of the economy and expected recovery in tourism will boost travel and commerce.

The ‘Europe and Central Asia Economic Update’ published by the World Bank reads that the Georgian economy is unlikely to recover to pre-COVID levels until late 2022.

The World Bank says that the Georgian economy is projected to expand to 4 percent in 2021 and then to 5 percent in 2022.

Source: TREND News Agency