Gov’t projects 4.5% economic growth in 2019
The government’s forecast for 2020 is 5% economic growth, while for 2021 – 5.5% and for 2022 – 6%. Photo: N. Alavidze/Agenda.ge.
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The government of Georgia projects Georgia’s economy to reach 4.5 per cent growth in 2019, as determined in the 2019 state budget project.
The government’s forecast for 2020 is five per cent economic growth, while for 2021 – 5.5 per cent and for 2022 – six per cent.
As for the year 2018 the forecast was 4.5 per cent and the government plans to revise this economic growth forecast and raise it to five per cent.
Meanwhile, the International Monetary Fund projects Georgian economy to grow 5.5 per cent this year and 4.8 per cent next year.
The Asian Development Bank has recently raised Georgia’s 2018 growth forecast to 4.9 per cent from the April estimate of 4.5 per cent, reflecting strong growth in tourism and robust investment after an increase in business and investor confidence.
The Asian Development Bank (ADB) has raised Georgia’s 2018 growth forecast to 4.9 per cent from the April estimate of 4.5 per cent, reflecting strong growth in tourism and robust investment after an increase in business and investor confidence.
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 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.
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.
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What are budget priorities?
Georgian Finance Minister Ivane Matchavariani has presented the draft State Budget 2019 to the Parliament of Georgia which includes the main data and directions of the country for 2019-2022.
The 2019 budget for Tbilisi City Hall is 871,600,000 GEL – 10 million GEL more than was planned for initially, announces Irakli Zarkua of the Tbilisi City Assembly (Sakrebulo).
With the support of the Partnership Fund, the construction of the Ytong factory has started in Tbilisi. The factory will open next year and is going to employ more than 200 people and produce 160,000 cubic meters of energy-efficient building materials annually.
Funding of the Presidential Administration of Georgia will be 9,800,000 GEL (about $3.64m/€3.20m) as is determined by the 2019 State Budget of Georgia.
The 2019 budget for Tbilisi City Hall is 927,600,000 GEL – 66 million GEL more than it was in 2018. Tbilisi City Assembly (Sakrebulo) approved the city budget for 2019 yesterday.
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Georgia’s state budget income as well as revenue was fulfilled by 100% this year, announces the treasury service of Georgia’s Ministry of Finance.
The World Bank forecasts 5% economic growth in Georgia in 2019, 5% in 2020 and again 5% in 2021, shows the Global Economic Prospects report of the World Bank.Compared to the previous report which was published in June 2018, the World Bank moved its forecast up by 0.8 percentage points for 2018 and by 0.2 percentage points for 2019.