PM projects Georgian economy to grow 7% in 2021
Last month Garibashvili stated that in a pessimistic scenario the Georgian economy was expected to grow 7% while in an optimistic scenario it would grow more than 10% this year. Photo: PM's press office.
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Georgian Prime Minister Irakli Garibashvili projects the Georgian economy to grow 7.7% this year, while the nominal gross domestic product (GDP) will amount to 57.2 billion GEL (about $18.13/€15.27 bln).
When we started opening up the economy and removing regulations four months ago, it created quite positive expectations in business and in the country in general. We had unprecedented economic growth of 45% [in April]. In May, we had 25% growth, which led to a change in this year's forecast, and this year, according to our updated forecast the economy will grow by 7.7%, and the nominal GDP will be 57.2 billion GEL", Gharibashvili said.
Last month Garibashvili stated that in a pessimistic scenario the Georgian economy was expected to grow 7% while in an optimistic scenario it would grow more than 10% this year.
The World Bank's report Global Economic Prospects 2021 reads that the Georgian economy is projected to grow 6% in 2021, 5% in 2022 and again 5% in 2023.
The estimated real GDP growth rate in May 2021 amounted to 25.8% year-on-year and 11.5% in January-May of 2021 year-on-year, show preliminary data from the National Statistics Office of Georgia.