Global economic growth is anticipated to decrease from 3.5 percent in 2022 to 3.0 percent in both 2023 and 2024. In comparison to the April 2023 World Economic Outlook (WEO) projections, there has been a modest 0.2 percentage point improvement in the growth forecast for 2023, while the 2024 projection remains unchanged.
Rise in CCI. The Consumer Confidence Index experienced an increase of 3.4 index points – from -24.1 in May to -20.7 in June. This is the highest mark the CCI has reached since the pandemic struck in March 2020. The month-on-month (MoM) positive shift was mostly driven by an increase in consumer expectations about the future economic situation.
The OECD Eurasia Competitiveness Programme is undertaking the "EU4Business: From Policies to Action – Phase 2" project in Eastern Partner (EaP) countries, funded by the European Union. The initiative focuses on enhancing competitiveness and business environment reforms at both country and regional levels.
Rtveli 2023 commenced this August. Similar to previous years, the Government of Georgia (GoG) is subsidizing the grape harvest again to support farmers who have suffered from worsening climate conditions. Based on information from MEPA representatives, the subsidy's primary aim is to guarantee that even producers with lower-quality grapes can still sell their products.
In September 2023, the average price for preparing a standard portion of Imeretian khachapuri was 5.88 GEL. Since June 2023, there has been an upward trend in the khachapuri index, with the price of khachapuri increasing by 4.7% compared to June 2023. This increase is mainly explained by a 10.6% rise in the price of cheese during the four-month period (June-September 2023).