BAKU, Azerbaijan, October 22
By Tamilla Mammadova – Trend:
Standard & Poor's Financial Services (S&P) upgraded Georgia’s sovereign credit rating by one notch to BB in October 2019, leaving the country just two notches from investment-grade status, Trend reports with reference to the Georgian investment company Galt & Taggart.
The S&P rating upgrade reflects Georgia’s comparatively high growth in recent years, even in a challenging external environment, the company said. S&P expects the Georgian economy to grow faster than other countries in the region in the coming years, at an average 4 percent in 2020-2022.
According to Galt & Taggart, Moody's International Rating Agency upgraded Georgia’s credit rating to this level in 2017, followed by Fitch in February 2019.
The International Monetary Fund (IMF) updated its World Economic Outlook and has kept Georgia’s economic growth projection at 4.6 percent for 2019. The Fund expects 4.8 percent real GDP growth of Georgia for 2020 and an average 5.1 percent growth over 2021-2024.
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