KEY ISSUES Context. Georgia's previous Fund-supported program, which expired in April 2014, met most of its objectives, in particular by reducing Georgia's external and fiscal imbalances. The program also helped preserve the central bank's independence after the 2012-13 political transition and...

This paper discusses Georgia's Sixth Review Under the Extended Arrangement and Requests for a Waiver of Nonobservance of Performance Criterion, Modification of Performance Criteria, and Augmentation of Access. The coronavirus disease 2019 (COVID-19) pandemic has hit the Georgian economy hard. A...

Recent economic developments. Economic performance remained robust in 2018: growth reached 4.7 percent, supported by external demand; inflation stayed below the three percent target, the fiscal deficit remained in line with program commitments, and the current account improved. Tighter lending...

This 2018 Article IV Consultation highlights that the macroeconomic performance in Georgia since the global financial crisis has been positive. Growth was higher than that in most peers. The banking sector has remained stable, and foreign reserves have increased. After two years of sluggish...

This paper discusses Republic of Georgia's Fifth Review Under the Extended Arrangement, Requests for Waivers of NonObservance of Performance Criteria, Modification of Performance Criteria, and an Extension of the Arrangement and Rephasing of Access. Georgia's gross domestic product (GDP) growth...

Georgia's performance under the Extended Arrangement has been positive, but the country is now facing a pronounced economic slowdown. Domestic and external demand remain weak, and service sector activity remains sluggish. Staff projects the economy to shrink by 5.1 percent this year followed by...

Georgia's economic performance remains robust. Growth has moderated from double digits but remains high, inflation is low, and fiscal and financial buffers are healthy. EU candidate status has boosted sentiment, but the global environment remains highly uncertain due to ongoing conflicts and...

The staff report for the First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility on Georgia highlights economic developments and policies. Growth has remained robust and inflation subdued against the backdrop of steady remonetization. Rapid growth in fiscal...

The authorities' policy response aided a robust recovery from the COVID-19 shock in 2021 with output growth above expectations reflecting pent-up demand and strong export performance. However, spillovers from the war in Ukraine are expected to dampen growth, raise inflation, and widen the...