BAKU, Azerbaijan, October 14
By Tamilla Mammadova – Trend:
Economic contraction of Georgia stands at 5 percent in 2020, while 5 percent rebound is predicted in 2021, Trend reports via the International Monetary Fund's (IMF's) World Economic Outlook.
IMF forecast is more optimistic for 2022, when economic growth will amount to 6 percent.
As of the current data, economic of Georgia is 5.6 percent down in 8 months of 2020. In order to meet the IMF forecast, the recession in the last quarter of the year should not be more than 4 percent.
However, government of Georgia expects economic rebound of 5 percent in 2021 and the draft budget of the next year is planned on that rate. It should be noted, that IMF’s forecast is more optimistic compared to that of the World Bank (WB), which expects economic rebound of 4 percent in 2021.
For comparison, the economic growth forecasts for the countries of the region are:
Turkey - 5 percent contraction in 2020, 5 percent rebound in 2021;
Kazakhstan - 2.7 percent contraction in 2020, 3 percent rebound in 2021;
Ukraine - 7.2 percent contraction in 2020, 20 percent rebound in 2021;
Russia - 4.1 percent contraction in 2020, 2.8 percent rebound in 2021;
Belarus - 3 percent contraction in 2020, 2.2 percent rebound in 2021;
Russia – 4.4 percent contraction in 2020, 5.2 percent rebound in 2021.
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