Koba Gvenetadze: We Expect 5% Economic Growth in 2021

"I think from today's point of view, the forecast of a five percent drop in 2020 is quite realistic," the president of the National Bank said.

According to the data of 10 months, the economic growth is -5.1 percent and in November-December the Central Bank expects a decline of about this level.

"Besides, because the restrictions imposed now are lighter than in the spring, I think this drop will be close to the rate we already had in 10 months. In addition, it should be noted that credit activity is quite stable in ten months, which helps the economy and domestic demand.

As for next year, we think in 2021 the economy can grow by five percent. Do not forget that the fiscal stimulus is also planned at a fairly high level according to the budget for the next year, at the same time maintaining the credit activity that we see from the accounts we receive. But, one thing to keep in mind is that during Covid and such a pandemic, it is generally very difficult to make predictions and this is associated with too much uncertainty," - said the President of the National Bank.

At the same time, according to Koba Gvenetadze, the National Bank updates macroeconomic forecasts and information on economic growth once a quarter. The next update is expected in February 2021.

"In general, as for macroeconomic forecasts and economic growth, the National Bank updates these forecasts once a quarter. The next update is expected in February 2021 and we will use all available information to update it, "- said Koba Gvenetadze.