BAKU, Azerbaijan, November 4
By Tamilla Mammadova – Trend:
The International Monetary Fund (IMF) lowered its forecast for Georgia’s economic growth for 2020, Trend reports via the IMF.
Last month IMF predicted that Georgia’s GDP growth would reach 4.8 percent. In the new forecast, IMF lowered growth rates to 4.3 percent.
The forecast for economic growth for 2019 is 4.6 percent.
At the same time, according to the head of the IMF mission Mercedes Vera-Martin, the inflation forecast for this year increased to 7.2 percent. In addition, the fund predicts an inflation decline in 2020.
The IMF notes the success of fiscal reforms in Georgia and the strengthening of fiscal discipline, positively evaluates the adoption of the new Budget Code, the reduction in the number of taxes from 21 to 6, and the development of program budgeting.
"Georgia has carried out fundamental reforms to increase the efficiency of fiscal policy by strengthening fiscal institutions, reducing corruption and improving the business climate, which has led to a significant improvement in fiscal indicators," the IMF said in a survey of regional economic development prospects for the Middle East and Central Asia.
The report says that financial transparency, "as measured by the budget openness index, has improved significantly."
---
Follow the author on twitter: @Mila61979356