Fitch affirms Georgia at BB credit rating, forecasting 5.8% economic growth in 2024

Fitch Ratings, a global financial ratings firm, has decided to maintain Georgia’s sovereign credit rating at the BB level, with a stable outlook. In its recent report, the international credit rating agency emphasised Georgia’s high economic growth, projecting a 5.8 percent growth in 2024 and an average of five percent growth from 2025 to 2026.

“The country has experienced an increase in added value and potential growth rates, especially in the information and communication technology, construction and tourism sectors, partly due to migration processes. A five percent growth is anticipated in the medium term, primarily driven by domestic consumption and investment”, Fitch said.
The report also highlighted the “effective” fiscal policy implemented by the Georgian Government and emphasised the stability of the country’s banking sector. 
Georgia’s “low” inflation and “moderate level” of Government debt (39.1 percent), which was “significantly lower” compared to other countries with a similar rating, were also acknowledged in the report.

Finally, Fitch attributed the BB rating to factors such as Georgia’s moderate Government debt level, credible fiscal policy and high economic growth. 

It also noted that Georgia’s budget performance surpassed expectations, resulting in a decrease in the budget deficit from 2.5 percent in 2023-2024 to 2.1 percent in 2025, adding this figure was “notably lower” than the three percent limit.

As for the risks, the report mentioned the domestic political environment and geopolitical situation, which led to the adjustment of the country’s outlook from positive to stable.