Georgia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Georgia

September 21, 2021

Preview Citation

Format: Chicago

Georgia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Georgia, (USA: International Monetary Fund, 2021) accessed November 21, 2024

Summary

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. The recovery has improved the fiscal outlook and the authorities submitted to Parliament a supplementary budget, with GEL 1.2 billion in additional spending roughly equivalent to the expected increase in revenues. The National Bank of Georgia (NBG) has increased the policy rate by 200 basis points to deal with high inflation driven by lagging effects of depreciation, commodity and food price increases, and supply side constraints.

Subject: 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

Publication Details

Pages:

84
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2021/215
Stock No:

1GEOEA2021002
ISBN:

9781513597751
ISSN:

1934-7685

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