International Monetary Fund forecasts 5% economic growth in Georgia in 2021
The IMF says that the nominal GDP per capita in terms of purchasing power parity will exceed $20,000 for the first time in 2024 in Georgia, and $21,000 by 2025. Photo: Nino Alavidze/Agenda.ge.
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The International Monetary Fund (IMF) has upgraded its World Economic Outlook which now says that the Georgian economy will grow five per cent in 2021 and the average growth rate will be 5.5 per cent in 2021-2025.
According to the new forecast of the International Monetary Fund, the Georgian economy will grow at the highest rate in Europe and the region in 2021-2025", says the Finance Ministry of Georgia.
The IMF says that the nominal GDP per capita in terms of purchasing power parity will exceed $20,000 for the first time in 2024 in Georgia, and $21,000 by 2025. According to the nominal purchasing power parity growth rate per capita in 2020-2025, Georgia ranks 11th in the world.
After 2020, the debt of the Georgian government will begin to decrease. Georgia is one of the countries that will be able to effectively reduce the increased debt in the medium term", says the Ministry of Finance.
The IMF outlook says that debt reduction is facilitated by the fact that Georgia attracted international funding in 2020 and managed to accumulate 'significant fiscal buffers', which will reduce the need for financing in the coming years.
The Georgian economy is gradually returning to a positive development track, says Georgian Economy Minister Natia Turnava, citing the recent statistics of the external trade of Georgia which shows that in September 2020 the exports of Georgia increased 8.6 per cent compared to the same month of last year.
The Georgian economy is projected to contract by six per cent in 2020, while in 2021 economic growth is forecast to reach four per cent, says the latest edition of the World Bank’s Economic Update for the region, released today.
Georgia is forecast to return to economic growth of 4.5 per cent in 2021 thanks to expected recoveries in tourism, private consumption, investment, and net exports, following a contraction this year due to the coronavirus pandemic, says a new Asian Development Bank (ADB) report, the Asian Development Outlook 2020 Update.
Economic growth in Georgia is projected to reach 3 per cent in 2021, while it will be reduced by 4 per cent in 2020, says the International Monetary Fund (IMF) in its World Economic Outlook. It says that the COVID-19 pandemic is inflicting high and rising human costs worldwide and the necessary protection measures are severely impacting economic activity.
The International Monetary Fund (IMF) expects gross domestic product growth to rebound to 4.3 per cent in 2021 'as the effects of the pandemic fade, but considerable downside risks remain', says the IMF staff team led by Mercedes Vera Martin who conducted virtual discussions from October 5 to November 9, 2020, on the seventh review under the Extended Fund Facility (EFF) arrangement.
The executive board of the International Monetary Fund (IMF) has just completed the eighth review of Georgia’s economic reform programme supported by a four-year extended arrangement under the Extended Fund Facility (EFF ).
Georgian Deputy Finance Minister Mikheil Dundua says that according to the economic growth forecast of the International Monetary Fund the Georgian economy will grow by 34.5% in 2021-2026 and with this rate Georgia ranks first in Europe.