IMF Mission Head: Georgian Economy Has Good Indicators

The International Monetary Fund (IMF) Mission Head, Mercedes Vera-Martin, told journalists that Georgia has good economic indicators in terms of growth in tourism, export and money transfers, noting that this year, a 5.5% economic growth is expected in Georgia.

"In 2018, we expect a 5.5% growth in Georgia, and the same indicator is expected in the following years. Regarding the external factors and their impact on the economy of Georgia, it should be noted that global uncertainty exists. The global growth rate has decreased by 0.2 in 2018-2019," she said.

The Head of the IMF Mission stated the Georgian government should continue maintaining macroeconomic stability, with a monetary policy focused on price stability.

"The Georgian authorities should continue to maintain macroeconomic stability, to carry out a responsible and reasonable policy and to increase economic stability towards external shocks. The monetary policy should be focused on price stability. We support the flexibility of exchange rates and creation of resources to deal with foreign shocks in the future,” she added.

The IMF delegation visited Tbilisi in late August to discuss recent economic and financial developments and progress with structural reforms. The mission stated that the 2018 growth projection had been revised upward to 5.5 % as a result of stronger-than-expected economic activity.

According to the IMF assessment, the sustained implementation of the authorities’ reform agenda will support higher and long-lasting growth and increase the resilience of the economy.

In addition, the team welcomed the progress made by the authorities in implementing structural reforms and ongoing initiatives, and stressed the need for continued efforts to support higher and more inclusive growth.

By Thea Morrison

Photo source: 1TV