Meeting with journalists on 16 January 2014, the Prime Minister of Georgia, Irakli Gharibashvili, discussed the projected growth rates of the Georgian economy. According to the PM, the prediction of the World Bank estimates the growth rate of the Georgian economy in 2014 at 6.3%. With this indicator Georgia preserves one of the leading positions in the region.

FactCheck

inquired about the projections of the World Bank and checked the accuracy of Irakli Gharibashvili’s statement.

The World Bank publishes its report (Global Economic Prospects) on a twice yearly basis, in January and June. The report aims to examine growth trends of the global economy and their implications for developing countries. The reports include three-year forecasts for the global economy, individual developing countries and regions. The issue of Global Economic Prospects

published by the World Bank in January 2014 presents the projected economic growth rates of the low and middle-income countries of Europe and Central Asia for 2014 (pp. 57-58). In line with the forecast, the growth rate of the Georgian GDP is predicted to equal 6.3% in 2014, placing Georgia in the fourth position among the 21 countries of the region. Turkmenistan ranks first in the region with an estimated growth rate amounting to 10.7%, followed by Uzbekistan with 7.0% and Kyrgyzstan with 6.5%.

Aiming to present a broader view on the matter, FactCheck

looked into the World Bank forecasts for the GDP growth rates of Georgia made since 2010.

	January Forecast	Real GDP Growth Rates According to the World Bank Report
2010	2.0%	6.3%
2011	4.0%	7.0%
2012	5.0%	6.0%
2013	5.1%	2.5%

It is also to be noted that despite the World Bank’s predictions for the Georgian GDP to grow at a rate of 5.1% in 2013, the later report of the same organisation proclaimed the GDP growth rate of Georgia to have amounted to 2.5% in 2013. GeoStat provides slightly different data on the real GDP growth of Georgia in 2013. In accordance with the preliminary data

of the National Statistics Office of Georgia, in the past year, the rate of economic growth equalled 3.1%.

Conclusion In line with the World Bank’s forecast for the low and middle-income countries of Europe and Central Asia, the GDP of Georgia is predicted to grow at a rate of 6.3% in 2014. Consequently, Georgia ranks fourth among the 21 countries of the region by its rate of economic growth. Therefore, the Prime Minister’s statement:  “The prognosis of the World Bank forecasts the economic growth of Georgia to equal 6.3% [...] Georgia maintains one of the leading positions among the 21 countries of the region by the rates of economic growth, surpassed only by Turkmenistan, Uzbekistan and Kyrgyzstan,” is TRUE.