Standard & Poor’s projects Georgian economy to grow by 8% - PM
PM Garibashvili said Georgia had experienced a “double-digit economic growth” over the past seven months, which he called "unprecedented amid the challenges in the world” and a result of the Government's "reasonable and correct policy". Photo: Nino Alavidze/Agenda.ge
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Standard & Poor's Global Ratings has increased the economic growth forecast for Georgia from five to eight percent, revised its outlook from negative to stable and affirmed the country’s long- and short-term foreign and local currency sovereign credit ratings at 'BB/B', Prime Minister Irakli Garibashvili announced on Monday.
Garibashvili said at today's Government meeting the country had experienced a “double-digit economic growth” over the past seven months, which he called "unprecedented amid the challenges in the world” and a result of the Government's "reasonable and correct policy".
If we had taken other, incomprehensible, anti-state, treasonous positions, there would be great trouble in the country today. We understand this very well", Garibashvili said in reference to policy positions raised by the domestic opposition on a range of matters on the backdrop of the ongoing conflict in Ukraine.
The Georgian economy grew by 7.2 percent in June and by 10.5 percent in the first six months of 2022 year-on-year according to the latest data from the National Statistics Office of Georgia.
Economic growth in Georgia is observed at a higher than expected level, a process contributing to the stabilisation of the share of the Government debt to the gross domestic product, Prime Minister Irakli Garibashvili said on Monday.
Fitch Ratings, a global financial ratings firm, has affirmed Georgia’s Long-Term Foreign-Currency Issuer Default Rating status at a BB level, with a “stable” outlook for the country’s financial developments.
Georgian Prime Minister Irakli Garibashvili on Monday said the country maintained “double-digit economic growth, peace and stability” while economic processes in the world were “heading towards recession”.
Georgian Finance Minister Lasha Khutsishvili on Monday said the economic recovery from the pandemic was "progressing at a faster pace than expected", with the development setting expectations "much higher" than the projected six percent economic growth this year.
Standard & Poor's (S&P) Global Ratings has affirmed Georgia’s long- and short-term foreign and local currency sovereign credit ratings at 'BB/B'. S&P has meanwhile revised its outlook from stable to negative. S&P reported yesterday that 'the negative outlook reflects risks to Georgia's ability to generate adequate foreign exchange (FX) earnings to service its sizable external liabilities over our forecast horizon'.
Fitch Ratings, a global financial ratings firm, in its update on Friday, has affirmed Georgia’s Long-Term Foreign-Currency Issuer Default Rating status at a BB level, revising the financial outlook for the country’s financial developments from “stable” to “positive”.
Georgian Deputy Economy Minister Vakhtang Tsintsadze on Saturday said the revised rating of the financial outlook for Georgia’s fiscal development from “stable” to “positive”, by a global financial ratings firm Fitch, was owing to the Government’s macroeconomic policy, pursued “for years”, including the steps taken in terms of fiscal consolidation, high economic growth indicators and the structural reforms.