BAKU, Azerbaijan, April 7. Fitch Ratings forecast Georgia’s GDP growth in 2022 at 3.2 percent, Trend reports via the agency.
Fitch Ratings has revised its GDP growth predictions for CIS+ countries due to the hostilities between Russia and Ukraine, and subsequent economic consequences on the region.
According to the report, the previous forecast from Fitch Ratings for Georgia envisaged the country’s economic growth at 5.8 percent for 2022.
“Georgia signed a new Stand-By Arrangement (SBA) with the IMF in early April, however, still-high nominal GDP growth and our exchange-rate forecasts mean that we expect the GDP to decline in 2022,” Fitch Ratings said.
The agency noted that direct trade links combined with tourism and money transfer flow from Russia are a key transmission channel for CIS+ countries.
“We still expect all these economies to grow in 2022, but have cut our forecasts by 0.2-4 percentage points, with the largest cuts for commodity importers,” the agency said.
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