“According to the World Bank’s revised Global Economic Prospects report published on January 8, 2019, Georgia’s economic growth in 2019 is forecasted to be of 5,0, while the average growth in 2018-2021 is estimated to be 5,1%,” – the Deputy Minister of Economy and Sustainable Development of Georgia, Ekaterine Mikabadze stated.
“This evaluation by the World Bank is recognition of the reforms that provide economic stability in the country and is very important in many aspects. Such assessments have positive impact on the attitude of the investors and their desire to have commercial activities in the country,” – the Deputy Minister added.
The Global Economic Prospects (GEP) is the World Bank’s semi-annual publication flagship (with issues in January and June) on the state of the world economy. Georgia’s economic growth forecast, compared to the report published in June of 2018, has been improved by 0,8 and 0,2 percentage points for 2018 and 2019. It should be noted that in line with the World Bank, the International Monetary Fund and the Asian Development Bank have also provided improved forecast for Georgia’s economic growth.
According to the World Bank, Georgia will have one of the highest economic growth rates in Eastern and Central Europe and Central Asia. Georgia’s economic growth will be the highest in the region. In addition, it is noteworthy that the World Bank’s forecast of economic growth for 2019 is increased by 0,2 percentage points, while the reduction trend has been revised in the economic growth forecast for the several countries in the region. Despite the ongoing processes in the region, their negative impact on Georgian economy is limited.
The World Bank focuses on the successful reforms implemented in Georgia recently in terms of government efficiency, the corruption control and the rule of law.