Georgian economy expected to grow

Business Materials 12 May 2021 17:47 (UTC +04:00)
Georgian economy expected to grow

BAKU, Azerbaijan, May 12

Tamilla Mammadova – Trend:

Some 4 percent growth rate of the economy that was observed in March will increase, even more, said Georgian Finance Minister Lasha Khutsishvili, Trend reports via Georgian media.

The Georgian economy grew by 4 percent year-on-year in March posting growth for the first time in a year, according to preliminary data from the National Statistics Office of Georgia (Geostat).

After a year-long downturn Georgian economy grows 4 percent in March Khutsishvili said that turnover increased in all sectors in April.

"Exports and imports have increased, which has had a positive effect on revenue generation, and trade turnover is characterized by an upward trend. Therefore, we can say that the March 4 percent growth trend will increase even more. We think that the economic growth, which we have set in the budget this year (4.3 percent), is realistic based on this data", Khutsishvili said.

The Georgian economy is expected to grow by 3.5 percent in 2021, rebounding with the gradual lifting of the COVID-19 pandemic restrictions and revival of domestic demand, reads the Asian Development Bank (ADB) Outlook 2021.

The ADB projected Georgia’s gross domestic product (GDP) growth to accelerate to 6 percent in 2022 as a full reopening of the economy and expected recovery in tourism will boost travel and commerce.

The ‘Europe and Central Asia Economic Update’ published by the World Bank reads that the Georgian economy is unlikely to recover to pre-COVID levels until late 2022.

The World Bank says that the Georgian economy is projected to expand to 4 percent in 2021 and then to firm to 5 percent in 2022.


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