Asian Development Bank moves economic forecast for Georgia to 4.2% in 2017
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The Asian Development Bank (ADB) is moving its forecast up and saying the Georgian economy will grow by 4.2 percent in 2017 and 4.5 percent in 2018.
Earlier the ADB projected Georgia’s economy to experience 3.8 percent growth in 2017, but due to recent developments in the country the Bank raised its growth forecast for Georgia.
Georgia has benefitted from higher infrastructure spending that is expected to continue through 2018, as well as from strong exports, higher remittances and tourism earnings, and increased foreign direct investment,” said the report.
Georgia’s economy has been growing steadily this year, show the latest statistics. Growth accelerated to 5.1 percent in the first quarter of 2017 from 2.7 percent in the whole of 2016.
The strong performance reflected gains of 21.6 percent in construction, 11.5 percent in communication, and 8.7 percent in hotels and restaurants.
On the demand side, growth drew support from increased government outlays and expanded private consumption enabled by higher remittances and an accommodative monetary policy during 2016.
Net exports contributed to growth for the first time since 2013. Also contributing were larger tourism receipts and improved business activity from higher lending to enterprises.
Georgia’s Deputy Economy Minister Nino Javakhadze commented on the ADB new report and said current economic processes were positively evaluated in the report.
Compared to other countries in the region, Georgia better overcome the foreign shock that the country faced in previous years. This was result of right policy and flowing exchange rate,” she said.
Georgia will experience the highest growth this year compared to the neighbour countries: Armenia (3.8 percent), Azerbaijan (-1.3 percent).
Georgia experienced 4.7 percent economic growth in the second quarter of 2017, show the latest data from the National Statistics Office of Georgia (Geostat). In Q2 of 2017 the largest shares of GDP by activity are held by Industry and Trade services.
Georgia’s economy will grow by four percent this year, believes the country’s Finance Minister Dimitry Kumsishvili. At today’s Ambassadorial 2017 – an annual gathering of the heads of Georgian Diplomatic Missions abroad – Kumsishvili talked about Georgia’s economic developments within the framework of the Conference on Economic Diplomacy.
Georgia’s economy will experience 5.2 percent growth in 2017, 5.3 percent in 2018 and five percent in 2019, forecasts the World Bank Group.
The International Monetary Fund (IMF) predicts economic activity in Georgia will increase to four percent in 2017 due to an assumed increase in public and private investments.
The European Bank for Reconstruction and Development (EBRD) has revised its 2017 economic growth forecast for Georgia and said that the country’s economy in 2017 as well as in 2018 will experience a faster growth than previously expected.
Georgia and the Asian Development Bank (ADB) are celebrating 10 years of partnership today, marking this day with the opening of a new credit line worth €12 million. With the €12 million, provided by ADB today, Georgia will rehabilitate Tbilisi Metro in its capital city.
The World Bank raised its economic growth forecasts for Georgia, announcing 4.2 percent economic growth in 2018, 4.7 percent in 2019 and 5 percent in 2020. With this forecast Georgia is one of the leading countries among its neighbours in terms of economic growth, shows the Global Economic Prospects report.
Georgia’s economy to grow 4-6% in 2018
Georgia’s economy will grow between four to six percent in 2018, believes analyst at the Economist Intelligence Unit Max Lambertson.
Georgia will have one of the highest economic growth rates in the region in 2018-2022, asserts Georgia’s Economy Minister Dimitry Kumsishvili. At today’s Georgia-Belarus Business Forum, Kumshishvili said that in 2017 Georgia’s economic growth rate was higher than expected.
Georgia’s Prime Minister Giorgi Kvirikashvili is optimistic about the country’s economic performance this year and predicts "very good indicators” by the end of 2018.
Georgia’s Prime Minister Giorgi Kvirikashvili has met with Werner Liepach, the new Director General of the Asian Development Bank’s Central and West Asia Department of the Asian Development today.
The Asian Development Bank will fund the second phase of work on water supply, sanitation and wastewater treatment systems at Georgia’s ski resort of Gudauri.
Georgia’s Finance Minister Mamuka Bakhtadze is at the 51st Annual Meeting of Asian Development Bank (ADB) in Manila, the capital of the Philippines.
The growth of Georgia’s economy is projected to reach 4.7 percent in 2019, following a dip to 4.5 percent in 2018, on strong investment and exports, says the Asian Development Bank (ADB).