BAKU, Azerbaijan, April 7. Fitch Ratings forecast Georgia’s current account balance at 1 percent contraction, Trend reports via the agency.
According to the report, the previous forecast envisaged Georgia’s current account balance at 6.6 percent decreased.
The agency noted that Georgia’s fiscal deficit will remain over 5 percent of the GDP in 2022, and planned consolidation is likely to be deferred.
Despite the blow to trade conditions, compounded by a reduction in remittances, public sector financing will keep reserves above the level that existed before the COVID-19 pandemic in Georgia, where the current account deficit will exceed 10 percent of GDP in 2022, probably due to a decrease in the number of tourists, Fitch Ratings said.
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