POLITICS

Head of IMF team: Inflation is a global challenge and not an exclusive problem of Georgia

07.11.22 16:20


According to the head of the International Monetary Fund team, James John, the inflation rate will decrease significantly in 2023, and by 2024 it will be closer to the target level.

 

As James John said in response to a question about inflation at the briefing held at the National Bank, inflation is a global challenge and is not an exclusive problem of Georgia.

 

"In 2023, we expect that the inflation rate will decrease significantly. The average rate will be approximately 6%. By the end of the year, it was close to 3.8%. We expect to approach the target level by 2024, however, the decline will already be visible in 2023. In 2024, significant progress will be made in this regard. It is important to understand this issue in context. Inflation is a global challenge and is not exclusive to Georgia. Prices are rising in all countries, and the supply chain, rising food and energy prices, and the war in Ukraine have an effect on this. There are other factors as well. The National Bank implements various measures to reduce inflation," said James John.

 

An International Monetary Fund (IMF) team led by James John held meetings in Tbilisi during October 26 - November 7, 2022 to conduct discussions on the first review of Georgia’s economic reform program supported by an IMF Stand-By Arrangement (SBA).

 

 

source: IPN 

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