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

International Monetary Fund

No 2022/389, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: SOE reform strategy; implementation plan; government decree; June inflation; staff appraisal; governance reform; strategy's principle; Inflation; Loans; Fiscal risks; Public enterprises; Global (search for similar items in EconPapers)
Pages: 68
Date: 2022-12-23
New Economics Papers: this item is included in nep-cis
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