Georgian economy will grow in 2009

World Bank experts predict that Georgia will have the lowest level of economic growth in the South Caucasus countries in 2009, at 4%, though it might grow 6% in 2010. Our neighbours Armenia and Azerbaijan are expected to perform better, Armenia’s economy growing by 6.5% and Azerbaijan’s by 10.5%. It might make the reader more cheerful (!)to know that Russia’s economy is predicted to grow by only 3%.

These prognoses were made by World Bank experts based on the situation in the third quarter of 2008. Many things are changing rapidly however and some analysts predict that growth will deviate from these figures. Economic analyst Emzar Jgerenaia thinks that even if growth is 5%, this figure is so low it indicates Georgia’s economy is in recession.