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Fitch Affirms “BB-” Rating to Georgia, Expects Unclear Election Results

Fitch rating agency has affirmed “BB-” level to Georgia with the outlook of Stable. External shocks are balanced by growth in tourism sector and money transfers, as well as by the exchange rate flexibility, the agency report reads.

The country is trying to narrow the current account deficit that may hit 11.9% of GDP in 2016. The figure is planned at 10% for 2018. Georgia’s economic growth will mark 3.6% in 2016, according to the rating agency report.

At the same time, the agency expects unclear results from the October 8 parliamentary elections. Political parties are fragmented and a coalition government may be formed, the agency report reads.