The World Bank predicts Georgia’s economy will grow by 5% a year in 2019, 2020, and 2021, according to their report Global Economic Prospects.
Georgia is forecasted to experience the biggest growth in the region. Armenia is expected to experience 4.3% economic growth, whilst Azerbaijan is forecasted 3.6% growth, and Russia and Turkey could see just 1.5% and 1.6% growth respectively.
The Georgian economy has shown more positive growth since the previous report published by the World Bank in 2018. The World Bank increased its forecast for Georgia by 0.8 percentage points for 2018 and 0.2 points for 2019.
Ekaterine Mikabaze, Deputy Economy Minister of Georgia believes the promising forecast is a reflection of government reforms that have created a more stable economy. “Such an assessment positively affects the attitude of investors and their willingness to carry out commercial activities in the country,” she said.
Georgia is expected to remain above the global average growth in 2019. The World Bank predicts global growth to slow to 2.9% in 2019.
