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ADB Raises Georgia’s Economic Growth Forecast

04.10.21 02:04
The Asian Development Bank (ADB) raised Georgia's economic growth forecast by 5 percentage points. According to the previous forecast, the financial institution projected a 3.5% growth in Georgia this year. The updated forecast expects economic growth of Georgia to stand at 8.5% this year. The updated forecast for growth in 2022 is relatively more modest. Until now ADB forecasted 6% growth in Georgia in 2022, and according to the new forecast, growth of 6.5% is expected next year. ADB notes that Georgia had exceptionally high economic growth in the first half of 2021 among non-oil exporting countries. "Several oil-importing countries also had high economic growth at the beginning of the year. Among them is Georgia. Its economy grew by 12.7% in the first half of the year, and economic recovery affected all sectors, which led to a revision of our forecast to 3.5% this year in Georgia. We expect 8.5% economic growth, and in 2022, 6.5% growth is expected instead of 6%," the report said. Exclusive Interview with Shane Rosenthal, Country Director, ADB

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