“It will be very difficult for Georgia’s economy to grow at a rate of  5% in 2020”

“It will be very difficult for Georgia’s economy to grow at a rate of 5% in 2020”

access_time2019-11-14 09:00:58

“It’s the first time in many years when the budget announced ambitious targets for economic growth of 5%. I can only hail  the  government’s plans, but it will be very difficult for Georgia’s economy to grow at a rate of  5% in 2020, ” Irakli Kovzanadze, the Chair of the Budget and Finance Committee, said  while discussing  Georgia’s draft budget for 2020.

According to Kovzanadze, as per the recent data, inflation reached 6, 9% and will increase to 7% by the end of the year that is a serious challenge for the country.

“There is also another factor - the National Bank’s tightened monetary policy helps to cope with inflation, but the “expensive money” principle still  hinders the economic growth, ” the MP notes.

Kovzanadze says that the current draft budget doesn’t  differ from the first option, which was sent for - the current document also does not take into account the comments and recommendations made by deputies.


 

“I hope that by the end of November the draft budget will be fully agreed with international financial organizations and will take into account the recommendations given by the MPs,” Irakli Kovzanadze points out.

 


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