IMF shares Georgia’s FM’s criticism on unemployment rate forecast

The International Monetary Fund (IMF) expresses readiness to work on improving the methodology of projecting the employment rate in Georgia according to Azim Sadikov, IMF's resident representative in Georgia.

"IMF partly shares Nodar Khaduri, the Georgian Finance Ministers opinion on the methodology of forecasting the unemployment rate and will work on improving it. Making such kind of forecast is difficult and it refers not only to Georgia but even developed countries, Sadikov said adding that by the end of this year, we will have the real facts about the unemployment rate and GDP of Georgia.

October 2013 of the World Economic Outlook, published a periodic world economic and financial survey. IMF forecasted 16.7% and 17.3% unemployment rate in Georgia for 2013 and 2014 which respectively is up from the official unemployment rate of 15% in 2012.

Georgias Finance Minister, Nodar Khaduri disagreed with the data and accused the IMF of forecasting the "completely unimaginable figures. Khaduri commented, There was no communication at all with the Georgian government and the Finance Ministry over this issue and no factual data could be provided that proved that this might be a problem.

According to IMFs latest forecast, Georgias economy will growth by 5% which is the same figure indicated in the governments initial draft of the 2014 state budget.