Georgia's Economic Outlook 2020

-12% 0% -2% -4% -6% -8% -6.5% -10% -8.6%8.1% 7.7% 7.5% Labor force 0.7% REAL GDP GROWTH PROJECTION, 2020 CAPITAL AND PRODUCTIVITY HAVE BEEN THE MAIN ENGINES OF GROWTH SINCE 2004 OVERALL CONTRIBUTION OF CAPITAL, LABOR, AND TOTAL FACTOR PRODUCTIVITY (TFP) TO GROWTH, 2011-2019 Total factor productivity 1.8% 53 CONTRIBUTIONS OF CAPITAL, LABOR, AND TFP TO GROWTH DURING PERIODS Source: Geostat, Galt &Taggart 10% 5% Source: Geostat, Galt &Taggart Latvia Lithuania Ukraine Estonia Czech Rep. Russia Turkey Romania Poland Bulgaria Georgia Moldova -5.5% 5.0%5.0% 4.6% 4.0%4.0% 3.0% 2.2%*1.5% Azerbaijan Armenia Capital stock 2.2% 0% Source: IMF 8% 6% 4% 2% 0% -2% -4% -6% 2011 Georgia -5% 2004-07 2008-09 2010-14 2015-19 ■ TFP ■Labor force ■Capital stock REAL GDP GROWTH: GEORGIA, MIDDLE EAST & CENTRAL ASIA, EMERGING & DEVELOPING EU 10% Source: IMF, Geostat Emerging & Developing EU 2012 2013 2014 2015 2016 Middle East & Central Asia 2017 2018 2019 2020F 2021F

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