Georgia’s economy is expected to grow by 8.5% in 2021 driven by an expansion in agriculture, industry, and services and the gradual lifting of restrictions imposed due to COVID-19 pandemic, the Asian Development Bank (ADB) said in a report.
According to the Asian Development Outlook 2021 Update, ADB’s annual flagship economic publication, Georgia’s economy is projected to grow further by 6.5% in 2022. The report noted the country’s strong rebound from a 6.2% contraction last year to register growth of 12.7% in the first half of 2021 following significant government support to firms and households, and sizable assistance from development partners.
“With encouraging growth figures and optimistic business expectations, the prospects for Georgia’s economic growth are looking positive this year and next, but the country must ensure the accelerated pace of vaccination continues in the months ahead. ADB is fully committed to helping Georgia overcome COVID-19 and maintain sustainable economic growth”, - said ADB Country Director for Georgia Shane Rosenthal.