Georgia predicted to have serious economic growth

The International Monetary Fund has upgraded its economic growth forecast for Georgia to a 7.6% for 2024, surpassing the rates of European countries and the country's regional neighbours, the Georgian Economy Ministry said.

In its October 2024 World Economic Review, the IMF forecast Georgia’s GDP growth to continue to sustain momentum, with projections showing a 6% rate for 2025.

The anticipated domestic growth in 2024 was 2.5 times greater than the average growth rate of other EU membership candidate countries.

The IMF also projected Georgia’s GDP per capita would reach about $8,882.6 this year, with purchasing power parity equivalent to $27,363.4. By 2029, the figure is expected to rise to $12,734.2, positioning Georgia at 52.5% of the average GDP per capita in EU countries.

The World Bank last Thursday projected the Georgian economy to grow by 7.5% this year - “well above the potential level” - as well as 5.2% in 2025 and 5% in 2026.

The European Bank for Reconstruction and Development in September raised the country's economic growth forecast for 2024 by 1.3%, to 6.5%, from its previous prediction in May.

The Asian Development Bank has also raised the country’s economic growth forecast, saying the country's GDP would grow by 7% this year instead of the previous projection of 5% made in April.