How is the Economy Growing in Georgia’s Trade Partner Countries?
The effect of the foreign affairs sector on Georgia’s economy is showing growth associated with export revenues, monetary contribution, and foreign direct investments. In the third quarter of 2018, the global economic growth slowed down and, according to the International Monetary Fund’s assessment, the annual growth was 3.7%. According to the same projection, global economic growth will slow down in 2019 as well and drop to 3.5%.
Recently, high economic activity was recorded in the USA. However, according to IMF the economic growth of the USA was 2.5% which is lower than the previous projections.
Georgia’s economy is significantly dependent on Turkey and the on-going concerns there. According to the National Bank of Georgia, as a result of the recent negative concerns in Turkey trade and other financial revenues are still on the decrease. After the 2018 monetary crisis, Turkey’s economy was significantly reduced which was accompanied by a negative consumer and business attitude.