The First Deputy Minister of Finance Giorgi Kakauridze declares, the impact of the Russian-Ukrainian War on the Georgian economy will be within 2.5%.
He stated this in his speech before the Regional Development Committee in Parliament.
The Deputy Minister once again explained why the government has not changed the official forecast of 6% economic growth so far.
"Given the official 6% growth, we predict 10% economic growth in the first quarter, but as we have seen, it was much higher - 14.4%, which already allows us to update the economic growth forecast.
If we put the war factor aside, it would be possible to reach 6.5% -7% economic growth this year, which is certainly a good indicator, but in a one-year period the war has an impact on our economy of around 2.5%; This impact may not be fully reflected this year, but it will move to the next year as well.
Therefore, we think we should change the forecast for this year's economic growth. Let’s wait for the summer season as a lot will depend on the recovery of tourism. We had a good recovery last year," he explained.
Giorgi Kakauridze expects about 70% recovery of tourism this year.
As for the economic growth forecasts for the coming years, according to the Deputy Minister of Finance, in 2023 the Georgian government expects growth of 5.5%, and in the coming years - within 5.2%.
