Georgia's economy recovering at impressive pace - PM
BAKU, Azerbaijan, August 9
By Tamilla Mammadova – Trend:
The Georgian economy is recovering at a really impressive pace, which is really promising, Georgian Prime Minister Irakli Garibashvili said, Trend reports referring to the Georgian media.
On August 6, Fitch Ratings released a report, according to which Georgia retained Georgia's sovereign credit rating at 'BB', and the rating outlook improved from 'negative' to 'stable'.
As the prime minister noted, by this decision Georgia practically returned to the COVID-19 pre-pandemic level.
“The agency cites faster-than-expected economic recovery, strong and convincing macroeconomic policies and high international support as the main reasons for the improvement in the rating outlook. In addition, Fitch's growth forecast was revised to 7.8 percent on the back of stronger-than-expected economic activity. Our goal by 2025 is to achieve an investment rating that is just around the corner from us. We think that Fitch's decision will be an important signal to international investors that the country's economic recovery has begun quickly,” Garibashvili said.
“Fitch's assessment of Georgia is an important development as it reflects the increased confidence from international investors,” Georgian Economy Minister Natia Turnava said at a briefing after the government meeting.
According to her, this is a good prerequisite for the country to have very high economic growth by the end of the year, completely nullify the damage of the last year and move to a higher level in order to maintain the position of the leader of economic growth in the region.
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