IMF: Georgia’s economy will grow by 6% in 2017

Georgia’s economy will experience six percent growth in 2017, forecasts the International Monetary Fund (IMF).

Meanwhile, Georgia’s Economy Minister Dimitry Kumsishvili announced Georgia’s Gross Domestic Product (GDP) will be 2.8 or 3 percent this year, which was a "good indicator”.

This proves the country’s economy is healthy. New jobs are being created and accordingly this will have an impact on our citizens,” said Kumsishvili.

The Economy Minister said Georgia would enjoy three percent economic growth in 2016 as well.

However, if this rate [of economic growth] maintains we have a chance to exceed three percent growth,” Kumsishvili added.

Meanwhile, Georgia’s economy was growing and exceeding IMF's projected outlook, which was two percent in 2015 and three percent in 2016.

Georgia’s GDP experienced an average real growth of 2.2 percent year-on-year (y/y) in September, said the country’s National Statistics Office (Geostat). Preliminary data revealed the estimated real GDP growth reached 2.5 percent for the third quarter (Q3) of 2015 y/y and 2.7 percent y/y for the first nine months of 2015.

Back in May IMF projected Georgia’s economic outlook as two percent in 2015.

Also in May the European Bank for Reconstruction and Development (EBRD) announced Georgia’s economy was expected to decelerate its growth to 2.3 percent in 2015 and 2.6 percent in 2016, reflecting mainly a deteriorating external environment, with recession in Russia and sharp slowdown of regional trading partners.

Meanwhile, global ratings agency Fitch Ratings has revised its outlook for Georgia and predicted the country would experience two percent economic growth in 2015.

This revised prediction was a downgrade on its 2014 economic forecast of 4.8 percent.

In Martw this year, global rating agency Moody's published a report which said Georgia’s economy would grow by 3.5 percent in 2015.