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EBRD Improved Forecasts for GDP Growth in Georgia and Uzbekistan

The European Bank for Reconstruction and Development(EBRD) has  improved the economic growth outlook in Georgia in 2015.

According to the EBRD’s report, in Eastern Europe, Central Asia and the Caucasus the experts improved growth performance only for Georgia and Uzbekistan.
In particular, Georgia’s economic growth in 2015 will be 4.2% whereas the previous forecast was 4%.
Growth forecast for the economy of Uzbekistan increased from 7.6% to  7.8%.
Experts believe that if  the crisis in Russia deepens, countries depending on its financial condition, will feel its effects on themselves.
According to the Government of Georgia, in 2015 the economy will grow by 5%.
The businessmen interviewed by  “Commersant” think that  the Russian crisis has already affected the economy of Georgia, but the EBRD projected growth rate of the economy is quite realistic.


In the opinion of  the businessman Lasha Papashvili, in 2015 the global crisis will not deepen, despite  the fact that the events in the Russian economy had a negative impact on the world economy.

“As for the 5% growth, it is quite a real forecast, to achieve this goal the most important thing  is to do what is necessary every day,” – the businessman notes.

According to Ilya Tsulaia, the CEO of the construction company Archi Group,  when such a big country like Russia faces serious economic hardships, it is naturally reflected in the other countries.


“The negative impact of the crisis in Russia and Ukraine is already felt on the Georgian economy. It will continue in 2015, so the country needs the highest possible economic growth. The projected rate of 3% is a good result, “- he says.