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IMF lowers economic growth forecast for Georgia

Business Materials 6 April 2021 22:34 (UTC +04:00)
IMF lowers economic growth forecast for Georgia

BAKU, Azerbaijan, Apr.6

By Tamilla Mammadova – Trend:

The International Monetary Fund (IMF) has cut its economic growth forecast for Georgia, Trend reports citing the April release of the World Economic Outlook report of the International Monetary Fund (IMF).

The organization expects only a 3.5 percent recovery in the country this year when the previous forecast was for 4.3 percent growth.

The Georgian government maintains a 4.3 percent growth forecast.

According to the report, economic growth of 5.8 percent is expected in the country in 2022, and 5.5 percent economic growth is expected in 2023. The Georgian government has a similar forecast for the growth of 2022 and 2023.

If economic activity is lower than forecast this year, then the volume of tax revenues in the 2021 budget may be threatened.

According to the World Bank, the Georgian economy is unlikely to recover to the level prior to COVID-19 by the end of 2022.

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