The International Monetary Fund (IMF) published a new report. According to it, the coronavirus pandemic will hit the Ukrainian economy hardest in the region. Economic contraction of Ukraine stands at 7% in 2020, while 3% rebound is predicted in 2021.
The contraction will be less in Russia and it will amount to 4.1%, while turkey’s economy will be 5% down this year.
However, contraction of 4.5% is predicted in Georgia’s neighboring Armenia and 4% in Azerbaijan. It should be noted, that rebound of 3.5% and 2% is forecasted in those two countries next year. Supposedly, the IMF prepared the report before the conflict started between Armenia and Azerbaijan. If the Nagorno-Karabakh conflict continues, it will also affect 2021 growth.
As for Georgia, economy contraction of Georgia stands at 5% in 2020, while 5% rebound is predicted in 2021. IMF forecast is more optimistic for 2022, when economic growth will amount to 6%.
As of the current data, economic of Georgia is 5.6% down in 8 months of 2020. In order to meet the IMF forecast, the recession in the last quarter of the year should not be more than 4%.
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