IMF moves economic forecast for Georgia up to 4.5% in 2018

IMF forecast inflation in Georgia will reach 2.6 percent this year and 3.6 percent next year. Photo by N. Alavidze/, 23 Apr 2018 - 12:42, Tbilisi,Georgia

The International Monetary Fund (IMF) is moving its forecast up, saying the Georgian economy will grow by 4.5 percent in 2018 and 4.8 percent in 2019.

"According to the International Monetary Fund forecasts, Georgia will have one of the highest growth rates in economy among the countries of Eastern Europe and Central Asia in 2018-2023”, read the press release published by Georgia’s Ministry of Economy today.

"Growth in 2018 is expected to remain strong, with risks to the outlook balanced. The current account deficit is expected to widen slightly due to higher oil prices and public investment. Over the medium term, the sustained implementation of Georgia’s economic reform program is expected to support higher and more inclusive growth by fostering private investment, productivity, and competitiveness”.

In its end-of-mission press releases, which the IMF published last week to announce the results of the 2018 mission, the IMF said that growth in Georgia will remain strong in 2018, and is expected to accelerate over the medium term, supported by structural reforms and infrastructure projects.