Editing Economy of Georgia (country) (section)

==Recent macroeconomic performance==
Over the last few years, the Georgian economy has been one of the fastest in the [[Former Soviet Union|FSU]]. Since 2003's [[Rose Revolution]], the new Government of Georgia implemented broad and comprehensive reforms, that touched every aspect of the country's life. Economic reforms were addressed to [[Economic liberalization|liberalization of the economy]] and provision of [[Sustainable development|sustainable economic growth]], based on the [[private sector]] development. The establishment of an attractive business environment led to a significant inflow of [[Foreign Direct Investment]] in the country, facilitating high [[economic growth]] rates.

In 2013, Georgia ranked in the top ten countries in the Emerging Market Energy Security Growth Prosperity Index,<ref>{{cite web | url=http://www.bisignis.org/indexes/ | title=Indexes | website=Bisignis Institute | url-status=dead | archive-url=https://web.archive.org/web/20141210211347/http://www.bisignis.org/indexes/ | archive-date=2014-12-10 }}</ref> according to an article published by ''CISTRAN Finance'' news. The index identifies emerging nations that have strong growth potential based on energy reserves and GDP.<ref>{{cite news
 |last         = Barron
 |first        = Lisa
 |date         = December 17, 2013
 |title        = Emerging market growth index published by Bisignis Institute
 |url          = http://cistranfinance.com/featured/emerging-market-growth-index-published-by-bisignis-institute/1108/
 |newspaper    = CISTRAN Finance
 |location     = Chicago, Ill.
 |access-date  = January 3, 2014
 |archive-date = January 4, 2014
 |archive-url  = https://web.archive.org/web/20140104031912/http://cistranfinance.com/featured/emerging-market-growth-index-published-by-bisignis-institute/1108/
 |url-status   = dead
}}</ref>

Following reforms, Georgia's economy successfully diversified and began showing rapid upward growth, averaging over 10% annual real GDP growth from 2004 to 2007, peaking at 12.3 percent in 2007. Overall, from 2004 to 2007, the economy of Georgia expanded by 35%.<ref name="Main Macroeconomic Indicators">{{cite web|url=http://geostat.ge/index.php?action=page&p_id=119&lang=eng|title=GeoStat.Ge|access-date=3 March 2015}}</ref>

Georgia's [[economic liberalization]] policy demonstrated some resilience to external shocks – [[2008 South Ossetia war|war with Russia]] in 2008 and [[Global financial crisis in September 2008|the global financial crisis]]. Despite this, in 2008 Georgia economy grew by 2.3%. After contracting in 2009 (−3.8%), the economy recovered soon after, growing 6.3% in 2010 and 7.0% in 2011. The [[Unemployment|unemployment rate]] shrunk from 16.9% to 16.3% between 2009 and 2010.<ref name="Main Macroeconomic Indicators"/>

In 2013, the annual inflation rate in Georgia equaled 2.4%.<ref>{{cite web|url=https://www.nbg.gov.ge/index.php?m=494|title=National Bank Of Georgiaინფორმაცია თქვენთვის}}</ref> It has been decreased significantly after 11.2% in 2010.<ref>{{cite web|url=http://geostat.ge/index.php?action=page&p_id=128&lang=eng|title=GeoStat.Ge|access-date=3 March 2015}}</ref> Growth of [[inflation]] rate was the result of [[2007–2008 world food price crisis|increasing food prices]] in the world and essential share of the [[inflation]] fluctuations came on variability of food prices, as far as the share of food is relatively high in [[consumer basket]] of [[Georgia (country)|Georgia]].

In 2011, IMF estimated [[Current account (balance of payments)|current account]] balance of Georgia was −1.489 BN USD.<ref>{{cite web|url=http://www.imf.org/external/pubs/ft/weo/2011/02/weodata/weorept.aspx?pr.x=26&pr.y=8&sy=2008&ey=2013&scsm=1&ssd=1&sort=country&ds=.&br=1&c=915&s=BCA%2CBCA_NGDPD&grp=0&a=|title=Report for Selected Countries and Subjects|work=imf.org}}</ref> Georgia has moderate deficits among the European and Transcaucasian [[Post-Soviet states]]. The trade with Georgia's major partners continued growing. As an example, in 2016, Georgia exported $87,263.53 worth of products to Armenia, and imported $144,931.92 worth of products from Armenia.<ref>{{cite web| url = https://wits.worldbank.org/CountryProfile/en/Country/ARM/Year/2017/TradeFlow/EXPIMP/Partner/by-country| url-status = dead| archive-url = https://web.archive.org/web/20190512170414/https://wits.worldbank.org/CountryProfile/en/Country/ARM/Year/2017/TradeFlow/EXPIMP/Partner/by-country| archive-date = 2019-05-12| title = Armenia {{!}} Exports and Imports {{!}} by Country 2017 {{!}} WITS {{!}} Data}}</ref> Deficits in the current account have been more than offset by strong foreign capital inflows,<ref>[[IMF]], [http://www.imf.org/external/np/tr/2008/tr080915.htm Transcript of a Conference Call on Georgia Request for Standby Arrangement] September 15, 2008</ref> allowing the Georgian currency to appreciate.<ref>{{cite web|url=http://www.nbg.ge/index.php?m=446&lng=eng|title=National Bank Of Georgia|work=nbg.ge|access-date=2008-11-02|archive-date=2012-02-14|archive-url=https://web.archive.org/web/20120214091436/http://www.nbg.ge/index.php?m=446&lng=eng|url-status=dead}}</ref>

[[File:Evolution of GDP PPP per capita of Georgia compared to other countries.svg|center|500px|thumb|Evolution of [[GDP]] per capita (PPP) in Georgia and other FSC between 1994–2021 and future projections for 2022–2026|alt=]]

{| class="wikitable sortable" style="margin-left:100px;margin-center:auto"
|-
! style="width:2em;" | Rank !! Country !! Current account balance<br /> as a percentage of [[GDP]] (2010)<ref name=":1">[[IMF]], [http://www.imf.org/external/pubs/ft/weo/2011/02/weodata/weorept.aspx?sy=2007&ey=2014&scsm=1&ssd=1&sort=country&ds=.&br=1&pr1.x=71&pr1.y=11&c=941%2C946%2C911%2C912%2C913%2C921%2C922%2C939%2C915%2C926&s=BCA_NGDPD&grp=0&a= World Economic Outlook Database, April 2012]</ref> !! 2011 IMF estimates<ref name=":1"/>
|-
|1||{{flag|Azerbaijan}}|| 27.662  || 22.664
|-
|2||{{flag|Russia}}||  4.807  || 5.518
|-
|3||{{flag|Ukraine}}||  −2.091 || −3.893
|-
|4||{{flag|Armenia}}|| −13.873 || −11.697
|-
|5||{{flag|Belarus}}|| −15.522 || −13.442
|-
|6||{{flag|Lithuania}}|| 1.835 || −1.860
|-
|7||{{flag|Moldova}}|| −8.300 || −9.897
|-
|8||{{flag|Estonia}}|| 3.565 || 2.424
|- style="background:#ccf;"
|9||{{flag|Georgia}}|| −9.618 || −11.700
|-
|10||{{flag|Latvia}}|| −22.938|| −8.320
|}

The government has managed to preserve financial stability thanks to the considerable aid provided by the US and international institutions. [[EBRD]] analysts believe that substantial international financial support and remittances from workers living abroad will cover the current account deficit in the medium term.<ref>[[EBRD]], [http://www.ebrd.com/country/country/georgia/econo.htm Georgia economic overview] {{webarchive|url=https://web.archive.org/web/20090330071752/http://www.ebrd.com/country/country/georgia/econo.htm |date=2009-03-30 }}</ref> [[IMF]] positively evaluated the government's economic policy.<ref>{{Cite web|url=https://www.geostat.ge/en/modules/categories/23/gross-domestic-product-gdp|title=National Statistics Office of Georgia|last=Circle|website=www.geostat.ge/en/modules/categories/23/gross-domestic-product-gdp|access-date=2021-05-12}}</ref>

{| class="wikitable"
|-
!             !! 2015 !! 2016 !! 2017 !! 2018 !! 2019* !! 2020 !! 2021 !! 2022
|-
| GDP at current prices, billion GEL || 33.9 || 35.8 || 40.8 || 44.6 || 50.0 || 49.4 || 60.0 
|-
| GDP at constant 2015 prices, billion GEL || 33.9 || 34.9 || 36.6 || 38.4 || 40.4 || 37.8 || 41.5
|-
| GDP real growth, percent || 3.0 || 2.9 || 4.8 || 4.8 || 5.1 || −6.2 || 10.5 || 10.8 
|-
| GDP deflator, percent  || 5.8 || 2.6 || 8.5 || 4.4 || 6.6 || 6.9 ||10.3 ||  
|-
| GDP per capita (at current prices), GEL || 9 109.4 || 9 613.9 || 10 933.9 || 11 968.0 || 13 428.9 || 13 292.7 || 16 179.5 
|-
| GDP per capita (at current prices), USD || 4 012.6 || 4 062.1 || 4 358.5 || 4 722.0 || 4 763.5 || 4 274.6 || 5 023.2 
|-
| GDP at current prices, billion USD || 14.9 || 15.1 || 16.2 || 17.6 || 17.7 || 15.9 || 18.6 
|}