World Bank forecasts 5% economic growth for Georgia in 2019
With this forecast Georgia will be the leading country among its neighbours in terms of economic growth. Photo: N. Alavidze/Agenda.ge.
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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.
As for Georgia’s neighbouring countries, Armenia will experience 4.3% economic growth, Azerbaijan – 3.6% growth, Russia – 1.5% growth and Turkey – 1.6% growth.
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.
World Bank data.
Deputy Economy Minister Ekaterine Mikabadze said the World Bank’s forecast is a recognition of the government’s reforms which are important for creating economic stability in Georgia.
Such an assessment positively affects the attitude of investors and their willingness to carry out commercial activities in the country”, said Mikabadze.
The World Bank report says that global growth is expected to slow to 2.9% in 2019.
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 Asian Development Bank (ADB) has raised Georgia’s 2018 growth forecast to 4.9 per cent from the April estimate of 4.5 per cent, reflecting strong growth in tourism and robust investment after an increase in business and investor confidence.
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.
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 Georgian economy will grow by 5% in 2019 and by 4.9% in 2020 with higher investment spending, says Asian Development Bank’s flagship economic publication. Inflation is projected to accelerate to 3.2% in 2019 before slowing to 3% in 2020.
The World Bank forecasts 4.6% economic growth in Georgia in 2019, 4.8% in 2020 and 5% in 2021, shows the Europe and Central Asia Economic Update of the World Bank.
The World Bank is offering $102.7 million to support Georgia’s human capital by helping to enhance the quality of education, announces the World Bank.