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.
Georgia currently owes $20.6 billion in external debt, and this amount is growing, says the National Bank of Georgia (NBG). During the first quarter of 2021, the gross external debt of Georgia increased by $22.6 million.
The estimated real gross domestic product (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 (Geostat).
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.
What does it include?
Georgian Economy Minister Natia Turnava has presented a 10-year economic development strategy which covers 12 major areas, ranging from small business empowerment, investment attraction, to specific development policies and quantitative indicators in each key area that the country should achieve by 2025 and 2030.
The International Monetary Fund (IMF) projects the Georgian economy to grow 7.7% in 2021, 'a significant upgrade from just a few months ago, which implies that output will exceed its 2019 level this year', reads a concluding statement of the IMF staff at the end of an official visit in Georgia.
The estimated real gross domestic product (GDP) growth rate in July 2021 amounted to 9.9% year-on-year and 12.2% in January-July of 2021 year-on-year, show preliminary data from the National Statistics Office of Georgia (Geostat). The International Monetary Fund (IMF) projects the Georgian economy to grow 7.7% in 2021, 'a significant upgrade from just a few months ago, which implies that output will exceed its 2019 level this year'.