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According to GeoStat data, real GDP growth was 0.8% in January and 2.8% in February 2016. While these figures are by no means high, growth rates in the rest of the region are expected to be quite low this year. In this respect, in contrast to its neighbors, Georgia is performing reasonably well.
According to the World Bank GDP forecast made in January 2016, the Georgian economy will grow by 3.0% this year, which is above the expected growth of Eastern Europe (0.5%), Azerbaijan (0.8%), Armenia (2.2%), and Russia (-0.7%). The ISET-PI forecast for the first and second quarters of 2016 is 2.9% and 5.0% respectively. The recently-updated forecast predicts 3.3% year-over-year real growth in 2016. Download the full report
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The year 2015 was one of turbulence. It was a year in which the institutional foundations of the Georgian economy were tested. However, as our analysis shows, the country’s macroeconomic institutions exhibited remarkable resilience in the face of various shocks. This bodes well for the future growth prospects. Thus, in the spirit of Lewis Carroll’s adage “take care of the sense, and the sounds will take care of themselves” we can give once piece of advice to Georgian policy makers: take care of the foundations, and the facade will take care of itself.
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