Economy

Georgia downgrades its economic growth outlook

by | Feb 6, 2015
Nodar Khaduri

Finance Minister Nodar Khaduri. (Interpressnews.)

TBILISI, DFWatch–The Georgian government has downgraded its economic growth outlook for 2015 from five to four percent.

Finance Minister Nodar Khaduri said on Thursday that stagnation is expected in all neighboring countries, and this is reflected in the new prognosis, that economic growth for 2015 will be four percent or more.

“Economic growth in Armenia and Moldova this year was zero percent. A drop is expected in economic growth in Ukraine and Russia due to well-known reasons,” he said, adding that growth in Azerbaijan will be 1.5 percent.

“We are working with the Ministry of Economy, the National Bank and we are continuing consultations with the International Monetary Fund.”

He said it is important for the government to maintain a policy to support the development of business.

A few days ago, Giorgi Kadagidze, the president of the National Bank, said that due to a drop in the lari rate, the five percent economic growth prognosis needs to be downgraded.

“Considering the challenges in the economy today and analyzing the numbers and data it is necessary that we start to revise the five percent growth prognosis and plan macroeconomic and fiscal indicators from the beginning so they adequately reflect the economic policy, and respond to these challenges.”

On February 6, one US dollar was traded for 2.01 Georgian lari.



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