Georgian economy will grow more than 4%, says Minister

The Georgian Government is expecting the economy to grow more than four percent in 2015, announced Finance Minister Nodar Khaduri at today's Governmental meeting.

Yesterday the Government specified the current year’s economic growth forecast not only in Georgia but in the neighbouring countries and declared all of them will have stagnation in their economies.

"Zero percent growth is fixed in the economies of Armenia and Moldova. The Russian economy will collapse this year as well. Belarus will experience zero percent economic growth, while the Azerbaijani economy will grow by 1.5 percent. As for Georgia, our economy will grow by more than four percent,” Khaduri said.

In 2014 officials forecast the Georgian economy would experience five percent growth. The forecast was changed due to the sharp depreciation of the Georgian national currency the GEL, which is still continuing to tumble after a slight improvement.

Currently the official rate is 1.9977 GEL to 1 USD. Yesterday the rate was 1.9933 GEL respectively.

The depreciation of the GEL has forced the National Bank of Georgia to tighten the country's monetary policy to control the economy. However, Minister Khaduri said the Lari has strengthened already and there was now no need for the bank to get involved in this process. 

He added the Lari was one of the most stable floating exchanges in the region.