Finance Minister: Georgian economy to grow 6.5% in 2021
Finance Minister also said that in an optimistic scenario, economic growth in 2021 is projected at 10.2%. Photo: Ministry of Finance.
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The Georgian economy is expected to grow 6.5% in 2021, according to Georgian Finance Minister Lasha Khutsishvili.
He added that "the economy is forecast to grow 6.9% in 2022.”
He also said that in an optimistic scenario, economic growth in 2021 is projected at 10.2%.
This scenario envisages a faster recovery of tourism this year, specifically at the level of 40-45% of 2019. It also means dynamic economic growth in other sectors of the economy. We have clear signs of this in the April GDP growth data, where the economy grew by almost 45% and this growth was spread to virtually all sectors of the economy", Khutsishvili said.
Today the National Statistics Office of Georgia published the GDP data of April 2021 which said that the estimated real gross domestic product growth rate in April equaled 44.8% year-on-year and 8.1% in January-April of 2021 year-on-year.
A year into the coronavirus pandemic Georgians remain concerned about the state of the economy and the impact of Covid-19, reads poll results released today by the National Democratic Institute (NDI or the Institute) and CRRC Georgia.
The estimated real gross domestic product (GDP) growth rate in April 2021 equaled 44.8% year-on-year and 8.1% in January-April of 2021 year-on-year, show preliminary data from the National Statistics Office of Georgia (Geostat).
Air pollution in Georgia contributed to more than 4,000 lives lost, while its economic costs were estimated at $560 million, or 3% of gross domestic product (GDP), reads the World Bank report 'Georgia: Towards Green and Resilient Growth, that estimates losses associated with pollution and degradation of agricultural and forest land and coastal zones.
The Georgian economy grew 4% year-on-year in March, posting growth for the first time in a year. However average real gross domestic product (GDP) declined 4.2% in the first quarter of 2021 year-on-year, show preliminary data from the National Statistics Office of Georgia (Geostat).
Georgian Finance Minister Lasha Khutsishvili claims Georgia will be a country whose economy will recover one of the fastest in the post-pandemic period. "There are many factors that actually give us the opportunity to say that the process of economic recovery this year will be fundamentally different", Khutsishvili said.
Georgian Finance Minister Lasha Khutsishvili has summed up the influence of the Covid-19 pandemic on the Georgian economy and the government's effort to help citizens as well as businesses to overcome the crisis within the 'Minister's Hour' format at the Parliament of Georgia today.