ADB: Georgia's economy to grow by 3.5 % in 2021

11:26, 28.04.2021

Georgia’s economy is expected to grow by 3.5 per cent in 2021, the Asian Development Bank (ADB) reported on Wednesday.

ADB says the gradual lifting of pandemic-related restrictions should resume the country’s economic growth this year and further accelerate in 2022.

“Vaccination is a key to a speedy economic recovery. At the same time, facilitating access to finance for small and medium-sized enterprises, improving e-commerce, and transforming agriculture to increase food exports are prerequisites for long-term economic growth and economic prosperity for Georgia,” ABD Country Director, Shane Rosenthal, said.

ADB predicts inflation slowdown by 5.0 per cent in 2021 and 3.5 per cent in 2022.

ADB expects agriculture to grow by 3.2 per cent in 2021 and by 3.9 per cent in 2022.

According to their forecast, investments will slow down in 2021, as a private investment will dwindle by 7.5 per cent, although growth is expected next year.

Exports will increase by 7.1 per cent in 2021 and by 20.4 per cent in 2022. Imports will increase moderately, by 3.6 per cent in 2021 and by 8.9 per cent in 2022, ADB noted.

By - Marika Kartozia

Economics

Asian Development Bank

Georgia's economy