ADB: Economic Growth in Georgia Surpassed Expectations

ADB: Economic Growth in Georgia Surpassed Expectations

The Asian Development Bank (ADB) has increased the forecast for economic growth in the region. The Bank expects 5,9% economic growth, which is 0,2% over the forecast of the spring. 2018 forecast for developing Asia is 5,7%.

The Bank connects the improvement of the economic growth forecast to the grown foreign demand.

ADB increased the economic growth forecast for China from 6,5% to 6,7%. Forecast for India remains unchanged at 7,4%. In Kazakhstan, in the current year, ADB expects 2,6% economic growth, which value is 0,2% more. Economic growth forecast for Singapore has also increased and now it is at the level of 2,4% instead of the previous 2,2%.

The Bank has reduced the economic growth forecast for Central Asia and now it is 3,1% instead of 3,2%. Georgia is also part of the Central Asia Region. The ADB recent economic growth forecast for Georgia is 3,8% in 2017. In its report, the Bank states that economic growth in Georgia in the first quarter has surpassed all expectations and the main driver for such a growth has been the construction sector, which grew mainly at the cost of infrastructural projects.

ADB has positive expectations for economic growth in Kazakhstan and Armenia, however, the Bank’s forecast for oil producing countries, including Azerbaijan, is different.

As far as the inflation is concerned, Asian Development Bank states that reduction of prices will start in Georgia as from 2018. This year, the inflation increase rate is related to the increase of taxes. 

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