Georgia:First Review Under the Stand-By Arrangement and Request for Modifications of Performance Criteria and Structural Benchmarks-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Georgia

Author: International Monetary Fund. Middle East and Central Asia Dept.

Georgia: First Review Under the Stand-By Arrangement and Request for Modifications of Performance Criteria and Structural Benchmarks-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Georgia

Volume/Issue: Volume 2022 Issue 389

Publication date: December 2022

ISBN: 9798400228094

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Topics covered in this book

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Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , SOE reform strategy , implementation plan , government decree , June inflation , staff appraisal , governance reform , strategy's principle , Inflation , Loans , Fiscal risks , Public enterprises , Global

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Summary

The Georgian economy has performed strongly in 2022 as adverse spillovers expected from the war in Ukraine have not materialized thus far. Buoyant tourism revenues, a surge in war-related immigration and financial inflows, and a rise in transit trade through Georgia have lifted growth and fiscal revenues, strengthened the current account balance and the lari, and supported reserve accumulation. Inflation remains elevated, reflecting still high commodity prices and strong domestic demand. Growth and inflation are expected to moderate in 2023 with subsiding external inflows, less favorable global economic and financial conditions, smaller fiscal deficits, and a sufficiently tight monetary policy stance. In 2024, growth is projected to converge to its potential rate and inflation is forecast to fall to the NBG’s target.