Economy
Posted: 8 months ago

World Bank Reduced Georgia's Economic Growth Forecast to 4.3%

The World Bank has published the Global Economic Review for 2020. According to the document, the world economy will grow by 2.5% this year, down 0.1% comparing to 2.4% in 2019. Globally, this pace is significantly lower comparing to the previous growth.

As for Georgia, according to the new forecast, by 2020 the World Bank forecasts 4.3% growth of the Georgian economy, which is 0.5 percentage points lower than the previous assessment.

Moreover, the World Bank notes that despite 2019 Russian aviation sanctions, relatively high growth was observed.

The expected growth rate of the regional countries is as follows:

Georgia - 4.3%;
Armenia - 5.1%;
Azerbaijan - 2.3%;
Belarus - 0.9%;
Kazakhstan - 3.7%;
Turkey - 3.0%;
Ukraine - 3.7%;
Russia - 1.6%.