Page 15 - GEORptFeb22

debt down from over 60% of GDP to 55.3% of GDP at the end of the year, compared to a slight deterioration (60.8% of GDP) envisaged under the previous forecast in April.
Robust growth in remittances and exports, and early signs of a faster than expected rebound in tourism have supported the recovery and should contribute to a narrowing of the current account deficit (to 9.9% of GDP) compared to its elevated 2020 level, according to the IMF.
Significant downside risks remain and contribute to an outlook that is more uncertain than usual, the Fund acknowledged, urging Georgia to increase its coronavirus vaccination rate.
As for Georgia's neighboring countries, the IMF forecast the Armenian economy will grow 6.5% in 2021 and 4.5% in 2022 and the Azerbaijani economy will grow 3% in 2021 and 2.3% in 2022.
15 GEORGIA Country Report February 2022 www.intellinews.com