Georgia’s economic growth exceeds forecasts - minister

Georgia Materials 31 January 2022 17:28 (UTC +04:00)
Georgia’s economic growth exceeds forecasts - minister

BAKU, Azerbaijan, Jan. 31

By Maryana Akhmedova – Trend:

Georgia’s economic growth in 2021 reached 10.6 percent, which is above the International Monetary Fund’s (IMF) forecast, the Minister of Environmental Protection and Agriculture of Georgia Levan Davitashvili said, Trend reports via Georgian Ministry Environmental Protection and Agriculture.

"We have a preliminary estimate of economic growth of 10.6 percent. Georgia’s economic recovery has already increased by 3.1 percent prior to the COVID-19 pandemic. Therefore, the losses we incurred in 2020 as the economy shrank are, in fact, fully recovered. Recent data has already been estimated, and in December 2021 Georgia saw the economic growth of 9.6 percent, compared to 2020," the minister said.

According to the IMF’s reports published earlier in 2021, Georgia’s economic growth should have reached 7.7 percent.

Meanwhile, the Georgian economy is estimated to grow by 5.8 percent in 2022, while the ratio of public debt to the GDP, which was previously projected at 60.8 percent, will be reduced to 55.3 percent, the report said.

The current account deficit forecast has also been improved, which will be minus 9.9 percent instead of minus 10.9 percent, the IMF said.

The IMF made an optimistic forecast in the September 2021 review, based on several factors, including the improvement of remittances and exports, and expectation of the tourism sector recovery.


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