International Monetary Fund forecasts 3% economic growth in Georgia in 2021

IMF says that the COVID-19 pandemic is inflicting high and rising human costs worldwide. Photo: Nino Alavidze/Agenda.ge

Agenda.ge, 14 Apr 2020 - 20:19, Tbilisi,Georgia

Economic growth in Georgia is projected to reach 3 per cent in 2021, while it will be reduced by 4 per cent in 2020, says the International Monetary Fund (IMF) in its World Economic Outlook.

It says that the COVID-19 pandemic is inflicting high and rising human costs worldwide and the necessary protection measures are severely impacting economic activity.

As a result of the pandemic, the global economy is projected to contract sharply by 3 per cent in 2020, much worse than during the 2008–09 financial crisis. In a baseline scenario - which assumes that the pandemic fades in the second half of 2020 and containment efforts can be gradually unwound - the global economy is projected to grow by 5.8 per cent in 2021 as economic activity normalises, helped by policy support", reads the World Economic Outlook.

The IMF forecasts 4.8 per cent growth in Armenia, 0.7 per cent - in Azerbaijan, 5 per cent - in Turkey and 3.5 per cent - in Russia.

Earlier, the mission Chief for Georgia at the IMF, Mercedes Vera-Martin has praised the steps of the Georgian government to support its citizens and the private sector amid the coronavirus pandemic.