Georgia’s 2017-2018 Economic Growth Forecast by EBRD Improved

Georgia’s 2017-2018 Economic Growth Forecast by EBRD Improved

Georgia’s 2017-2018 Economic Growth Forecast by EBRD Improved

The FINANCIAL -- According to the Report (November 7, 2017) of the European Bank for Reconstruction and Development, Georgia’s economic growth is forecasted to be 4.5% in 2017 and 2018.

Economic growth forecast is increased by 0.6 percentage point for 2017 and by 0.3 percentage points for 2018.

The improvement of the EBRD forecasts is linked to the accelerating economic growth of Georgia, which is a result of significant increase in export and tourism, according to Ministry of Economy and Sustainable Development of Georgia.

It should be noted that in the nine months of 2017, Georgia’s economy grew by 4.7%, while the increase in revenues from exports amounts to 28.3% and by 28.5% is increased the revenues from tourism.

According to the EBRD Report, recovery of consumption, investments in the infrastructure and further development of the tourism sector will be the very factors promoting economic growth in the coming years.

Georgia’s economic growth forecast is improved not only by the EBRD, but also by the International Monetary Fund (IMF) as well as the Asian Development Bank (ADB).

According to the international financial institutions, Georgia will have one of the highest economic growth rates among the countries of Eastern and Central Europe and Central Asia.

It should be noted that the positive trends in the economy have already reflected in the improvement of the sovereign rating of the country - in September, the Moody’s has improved Georgia’s sovereign credit rating from Ba3 to Ba2.