The International Monetary Fund (IMF) says the Georgian economy will shrink by 5% in 2020 but will increase by 5 % in 2021.
The recovery for the global economy will likely be long, uneven, and uncertain, with some economies starting to recover faster than anticipated, and some seeing worsening prospects. See projections by region. #IMFBlog #WEO https://t.co/XMCO1emJHw pic.twitter.com/xCkXoGlADD
— IMF (@IMFNews) October 13, 2020
The IMF forecast coincides with the economic growth forecast set by the Georgian government.
As for Georgia’s neighbouring countries, the IMF predicts that in 2020 the economy in Azerbaijan will shrink by 4 %, in Armenia – 4.5 %, in Russia – 4.1 %, in Turkey – 5 %.
In 2021, the economy will grow by 2 % in Azerbaijan, 3.5 % in Armenia, 2.8 % in Russia and 5% in Turkey.
The IMF forecasts a 7.2 % decline in EU countries’ economy this year. However, in 2021, it will increase by 4.7 %.