World Bank: Georgian economy to grow 6% in 2021, 5% in 2022, 5% in 2023
According to the latest GDP data of April 2021 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. Photo: Nino Alavidze/Agenda.ge.
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The Georgian economy is projected to grow 6% in 2021, 5% in 2022 and again 5% in 2023, says the June edition of the World Bank’s report Global Economic Prospects 2021.
According to the latest GDP data of April 2021 published by the National Statistics Office of Georgia 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.
Georgian Finance Minister Lasha Khutsishvili claims Georgia will be a country whose economy will recover one of the fastest in the post-pandemic period. He also said that the Georgian economy is expected to grow 6.5% in 2021, and 6.9% in 2022.
The World Bank report continues that overall the economies of the Europe and Central Asia region is forecast to expand a stronger-than-expected 3.9% in 2021, partly due to improvement in the euro area. However, the outlook remains challenging given the recent worsening of the pandemic, tighter macroeconomic policy, and elevated policy uncertainty and geopolitical tensions.
Growth in Russia, the region’s largest economy, is projected to reach 3.2% in 2021, supported by firming domestic demand and elevated energy prices. Tighter-than-expected macroeconomic policy and an escalation of geopolitical tensions in 2021 are weighing on the outlook.
Growth is expected to remain steady at 3.2% in 2022. In Turkey, the second largest economy in the region, growth is projected to rise to 5% in 2021, as exports benefit from firming external demand, before moderating to 4.5% in 2022", reads the report.
As for Armenia its economy is forecast to grow 3.4% this year, 4.3% in 2022 and and 5.3% in 2032 and Azerbaijan's economy is projected to grow 2.8% in 2021, 3.9% in 2022 and 3.4% in 2023.
The World Bank has approved $34.5 million in additional financing today to support Georgia’s efforts to provide affordable and equitable access to Covid-19 vaccines, and ensure effective vaccine deployment in the country by strengthening the vaccination system, announces the World Bank.
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.
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.
Georgian Prime Minister Irakli Garibashvili has stated that in a pessimistic scenario the Georgian economy is expected to grow 7% while in an optimistic scenario it will grow more than 10% this year. The World Bank published the report today, which reads that the Georgian economy is projected to grow 6% in 2021, 5% in 2022 and again 5% in 2023.
The World Bank Vice President for Europe and Central Asia Anna Bjerde, who is visiting Georgia, has announced that the World Bank is eager to participate in the development of a new strategy for Georgia after the meeting with the Prime Minister Irakli Garibashvili today.
World Bank Vice President for Europe and Central Asia (ECA) Anna Bjerde has stated that many reforms particularly in human capital development and formation of a more green and digitised recovery will be ‘very promising for Georgia in the years to come.’
World Bank Regional Director for the South Caucasus Sebastian Molineus has stated earlier today that Georgia can be a strong leader ‘not only in the region but globally as well’ in regional connectivity and integration following the meeting with the Georgian Prime Minister Irakli Garibashvili.
World Bank will finance the $109 million construction project for a 17-km, four-lane, access-controlled highway in the Eastern Georgia’s winemaking region of Kakheti to facilitate connection between the province and the capital Tbilisi as part of the country’s highway network.
The Georgian economy is projected to grow 5.5 percent in 2022 and next year, followed by a 5 percent growth in 2024, the June edition of the World Bank’s Global Economic Prospects report has said.