World Bank Increases its Estimate for Georgia’s Economic Growth
The World Bank recently published economic projections in the new Global Economic Prospect. According to the projections, Georgia should experience 5% economic growth, which compared to the previous projection has increased by 0.8%. Similarly, the World Bank estimates 5% growth in Georgia both in 2020 and 2021.
Among the European and Central Asian countries, Georgia’s estimate is one of the more positive ones with only 3 countries ahead of it. In particular, the bank projects 6% economic growth in Tajikistan this year, and 5.6% in Turkmenistan. According to the World Bank, 5.1% economic growth is expected in Uzbekistan.
The World Bank points out in the report that ongoing affairs in turkey had a significant impact on the projections made for the region and in total the economic growth in Europe and Central Asia was reduced down to 3.1% in 2018. The bank suggests that this year, risk factors for the region are again Turkey’s economy, Sanctions imposed on Russia, and expected shocks in the banking sector in Turkey.
According to the report, global economic growth is expected to increase by 2.9% in 2019.