Azernews.Az

By Mushvig Mehdiyev

Georgia’s economy will grow by 3.5 percent in 2015, reported the global rating agency Moody's.

A report by Moody's outlined three main factors that will cause economic growth in Georgia. Solid economic growth trend and perspectives, progress in developing political-economic and social initiatives and effective fiscal and monetary policy will reportedly trigger the economic progress in the country.

Georgia’s Finance Minister, has positively assessed the fact that despite the tense economic situation in the region, Moody's retained its stable outlook for Georgia’s sovereign rating at "BB-". The outlook still remained "positive', according to Nodar Khaduri.

"As it is written in the report, signing the Deep and Comprehensive Free Trade Area agreement with the European Union is a significant factor for Georgia in view of its approximation with the European standards,” he said.

Khaduri believes that DCFTA will also help the country to attract more foreign direct investments and to develop its export potential as part of strengthening Georgia’s international position in the mid-term period.

Moody's has also reported that the volume of Georgia’s external debt was low and looking ahead, however, external factors could worsen its rating.

As for Georgia’s neighboring countries, Moody’s has worsened the latest ratings for Russia, Armenia and Ukraine. The ratings for Azerbaijan and Moldova have not been published yet.

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