08.Nov .2019 11:33

The EBRD: Georgian economy is forecast to grow by 4.5 per cent in both 2019 and 2020

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The European Bank for Reconstruction and Development (EBRD) predicts that Georgian economy will grow by 4.5 per cent in both 2019 and 2020.

The report notes, that the events, coupled with domestic political uncertainties, have increased pressure on the domestic currency. The Georgian lari depreciated by 9.4 per cent in the period January to September 2019.

According to the EBRD, the tourism sector remains strong despite the Russian ban, in force since July 2019, on direct flights to and from Georgia. The overall number of international visitors increased by 5.9 per cent in the first nine months of 2019, compared with arise of 11.1 per cent in 2018.

To remind, government of Georgia also predicts economic growth of 4.5%, while 5% - in 2020. International Monetary Fund’s prediction is lower by 2020. The IMF downgrades the forecast from 4.8% to 4.3%.