Economy Minister predicts Georgia’s economy to grow almost 5% in 2018-2022
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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 average growth of the gross domestic product amounted to five percent. The year 2018 has started with an impressive economic growth rate. According to preliminary estimates, in January 2018, the economy grew by 4.4 percent. The government forecasts Georgia’s economy to grow by 4.5 percent in 2018. It is important that Georgia will have 4.9 percent, one the highest growth rates in the region in 2018-2022”, said Kumsishvili.
At the Business Forum Kumsishvili also talked about Georgia’s favourable business environment and stated that the reforms implemented in recent years have improved Georgia’s position in international ratings.
In particular, in the World Bank’s Doing Business report, Georgia takes ninth position among 190 countries for its ease of doing business in the country. The Heritage Foundation’s Index of Economic Freedom survey ranked Georgia 16th among 180 countries after it gained 76.2 points”, Kumsishvili said.
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.
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.
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.
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 Prime Minister Giorgi Kvirikashvili is optimistic about the country’s economic performance this year and predicts "very good indicators” by the end of 2018.
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 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.