Azernews.Az

By Mushvig Mehdiyev

The World Economic Outlook has projected 2 percent growth for Georgia’s real gross domestic product in 2015 and three percent in 2016, and 5 percent growth in 2020.

WEO presented the International Monetary Fund staff's analyses and economic development projections for major country groups and individual countries.

"Economies in the Commonwealth of Independent States slowed further in the latter half of 2014, and the outlook for the region has deteriorated markedly," the IMF said.

"Elsewhere in the region, lower commodity prices and spillovers from Russia - through trade, foreign direct investment and especially remittances - are also dampening the outlook. Particularly the existing structural vulnerabilities resulted in large downward revisions to 2015 growth projections for Armenia, Belarus, Georgia, and Kazakhstan, among others."

The IMF reported that its outlook for advanced economies was improving, while it projected lower progress in growth in emerging markets and developing economies. Weaker prospects for some large emerging market economies and oil-exporting countries were at the IMF outlook forefronts.

"The downward revisions are driven by Russia, whose economy is now expected to fall by 3.8 percent this year, being more than 4 percentage points below the previous forecast, and by 1.1 percent in 2016," the report stated.

Back in November, the IMF estimated that growth in Georgia should reach five percent as the economy recovered from a slowdown in 2013, as well as being supported by stronger consumption, private investment and exports.

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