Georgia's sovereign credit rating improved to "positive" — Fitch

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Read: 1260     14:00     30 ЯНВАРЬ 2023    

The international rating company Fitch has improved Georgia's outlook on the long-term issuer default rating in foreign currency from stable to positive and assigned the level "BB".

According to Fitch's forecast, Georgia's GDP growth will be 4.5% in 2023 and 5% in 2024.

According to the report, the positive outlook reflects high rates of economic growth, an increase in foreign exchange reserves and fiscal efficiency in 2022, due to the recovery of tourism, the number of migrants and capital inflows from Russia.

At the same time, Fitch writes about the influence of geopolitical factors, noting that Georgia is exposed to risks due to unresolved conflicts in Abkhazia and South Ossetia with the participation of Russia." The government's efforts to manage relations with Russia potentially complicate the task of obtaining the status of a candidate for EU membership," the report says.

Meanwhile, the Ministry of Finance of Georgia announced the prerequisites for upgrading the rating to BB+.





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Georgia's sovereign credit rating improved to "positive" — Fitch

2023/01/46546-1675063354.jpg
Read: 1261     14:00     30 ЯНВАРЬ 2023    

The international rating company Fitch has improved Georgia's outlook on the long-term issuer default rating in foreign currency from stable to positive and assigned the level "BB".

According to Fitch's forecast, Georgia's GDP growth will be 4.5% in 2023 and 5% in 2024.

According to the report, the positive outlook reflects high rates of economic growth, an increase in foreign exchange reserves and fiscal efficiency in 2022, due to the recovery of tourism, the number of migrants and capital inflows from Russia.

At the same time, Fitch writes about the influence of geopolitical factors, noting that Georgia is exposed to risks due to unresolved conflicts in Abkhazia and South Ossetia with the participation of Russia." The government's efforts to manage relations with Russia potentially complicate the task of obtaining the status of a candidate for EU membership," the report says.

Meanwhile, the Ministry of Finance of Georgia announced the prerequisites for upgrading the rating to BB+.





Tags: