World Bank Forecasts Economic Growth in Georgia

The World Bank has forecast a 3% growth in Georgia’s economy in 2016, which is 0.5% higher compared to the same period the previous year.

According to the World Bank’s new report, Global Economic Prospects, Georgia’s economic growth rate in 2017 will increase to 4.5% in 2017 and by 2018 will reach 5%.

According to the World Bank, the global economic growth rate was 2.4% in 2015. According to the report the Euro zone economy will grow 1.5% to 1.7%. The World Bank notes that economic development slowdowns could affect the world’s poverty reduction goals and general welfare.

“More than 40% of the world’s poor live in the developing countries where growth slowed in 2015,” World Bank President Jim Yong Kim stated, stressing that developing countries should focus on building resilience to a weaker economic environment and shielding the most vulnerable. The benefits from reforms to governance and business conditions are potentially large and could help offset the effects of slow growth in larger economies, he added.