BAKU, Azerbaijan, Dec. 15
By Maryana Akhmedova – Trend:
Georgia’s economic growth from January through September 2021 reached 11.3 percent, Trend reports via the Asian Development Outlook by the Asian Development Bank (ADB).
According to the ADB, the economic growth in Georgia in the reporting period of 2021 was mainly driven by both industry and services, due to the increased exports, and partial recovery of the tourism sector, but also with significant fiscal stimulus playing an important role.
“The GDP growth projection for 2021 is raised substantially from 4.1 percent to 4.7 percent, reflecting an improved outlook for Azerbaijan, Georgia, Kazakhstan, Tajikistan, and Uzbekistan on account of their generally robust recovery in the first 3 quarters of the year,” the outlook said.
Meanwhile, annual inflation in Georgia in October 2021 accelerated to 12.8 percent on higher global food and oil prices and increased utility tariffs, the ADB noted.
However, according to the outlook, increased inflation in Central Asia and South Caucasus was accompanied by the economic growth recovery as well.
The ADB forecasts the subregional inflation to be increased from 7.7 percent to 8.6 percent for 2021 and from 6.7 percent to 7.3 percent for 2022, primarily reflecting the latest price developments in Azerbaijan, Georgia, Kazakhstan, Tajikistan, and Turkmenistan.
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