Georgia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Georgia
IMF Staff Country Reports, September 21, 2021
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- Georgia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Georgia
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Bibliographic details
- Published: September 21, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513597751.002
Economic recovery and COVID-19 developments
- High frequency estimates suggest a V-shaped recovery with output now poised to return close to 2019 levels already this year, much earlier than expected.
- Recently COVID-19 case numbers have risen sharply to new highs while vaccinations have also accelerated significantly after a slow start.
Fiscal outlook and government measures
- The recovery has improved the fiscal outlook.
- The authorities submitted to Parliament a supplementary budget with GEL 1.2 billion in additional spending roughly equivalent to the expected increase in revenues.
Monetary policy and inflation dynamics
- The National Bank of Georgia (NBG) has increased the policy rate by 200 basis points.
- Drivers of high inflation identified: lagging effects of depreciation, commodity and food price increases, and supply side constraints.
Subjects and keywords (as listed)
- Subjects: COVID-19, Economic and financial statistics, Financial institutions, Government finance statistics, Health, Inflation, International organization, Loans, Monetary policy, Prices, Public debt
- Keywords: Central and Eastern Europe, COVID-19, Europe, Global, Government finance statistics, government's duty, IMF SDR allocation, Inflation, inflation expectation, Loans, rate increase, utility bill subsidy program
Content in this bundle
- 1. Real Sector Developments