{
  "title": "Georgia: Third Review Under the Extended Fund Facility Arrangement-Press Release; Staff Report; Staff Supplement",
  "publication": "IMF Staff Country Reports, December 19, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/12/19/georgia-third-review-under-the-extended-fund-facility-arrangement-press-release-staff-report-46484",
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  "summary": "Recent economic developments. Economic activity remained strong in 2018H1 but decelerated since due to subdued private construction activity and delays in public infrastructure. Inflation has remained below the 3-percent inflation target in 2018.",
  "sections": [
    {
      "heading": "Recent economic developments",
      "content": "- Economic activity remained strong in 2018H1 but decelerated since due to subdued private construction activity and delays in public infrastructure.\n- Inflation has remained below the 3-percent inflation target in 2018.\n- Higher revenues and lower investment resulted in a fiscal surplus through September 2018."
    },
    {
      "heading": "Financial sector and credit dynamics",
      "content": "- Against the background of high credit growth, the authorities introduced regulations to limit household over-indebtedness.\n- The banking sector remains well capitalized, liquid, and profitable, but dollarization remains high."
    },
    {
      "heading": "Risks and vulnerabilities",
      "content": "- Subdued private construction activity and delays in public infrastructure contributed to the mid-2018 slowdown in growth.\n- High credit growth and elevated dollarization pose financial stability risks, particularly for households and banks if external conditions or exchange rates shift."
    },
    {
      "heading": "Policy actions taken",
      "content": "- Introduction of regulations aimed at limiting household over-indebtedness in response to high credit growth.\n\nGeorgia: Third Review Under the Extended Fund Facility Arrangement; Press Release; Staff Report; Staff Supplement — December 19, 2018\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "[Markdown version](/en/publications/cr/issues/2018/12/19/georgia-third-review-under-the-extended-fund-facility-arrangement-press-release-staff-report-46484/index.md)",
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    "Published: December 19, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484391549.002",
    "Economic activity remained strong in 2018H1 but decelerated since due to subdued private construction activity and delays in public infrastructure.",
    "Inflation has remained below the 3-percent inflation target in 2018.",
    "Higher revenues and lower investment resulted in a fiscal surplus through September 2018.",
    "Against the background of high credit growth, the authorities introduced regulations to limit household over-indebtedness.",
    "The banking sector remains well capitalized, liquid, and profitable, but dollarization remains high.",
    "Subdued private construction activity and delays in public infrastructure contributed to the mid-2018 slowdown in growth.",
    "High credit growth and elevated dollarization pose financial stability risks, particularly for households and banks if external conditions or exchange rates shift.",
    "Introduction of regulations aimed at limiting household over-indebtedness in response to high credit growth.",
    "**Country Report**"
  ],
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