Bank of Georgia Growth and Reform Strategy

6% 5% 4% 3% 1.9% 2% 1% 0% Russia Total factor productivity 1.8% CAPITAL AND PRODUCTIVITY HAVE BEEN THE MAIN ENGINES OF GROWTH SINCE 2004 Overall contribution of capital, labor, and Total Factor Productivity (TFP) to growth, 2011-2019E Contributions of capital, labor, and TFP to growth during periods Labor force 0.7% Source: Geostat, Galt &Taggart 10% 8% 6% Capital stock 2.2% 4% 2% 0% -2% 2004-07 2008-09 ■TFP Real GDP growth projection, 2020 Source: IMF 4.3% 4.9% 2.1% 2.6% 2.7% 2.8% 2.9% 3.0% 3.0% 3.1% 3.2% Azerbaijan Czech Rep. Lithuania BANK OF GEORGIA Latvia Estonia Turkey Ukraine Poland Bulgaria Romania Moldova 3.8% 3.5% Georgia Armenia 6% 5% 4% 3% 2% 1% 0% do Alo olo olo olo do do plo glo 8% 7% ■Labor force 2010-14 Real GDP growth: Georgia, Middle East & Central Asia, Emerging & Developing EU 2018 2019E 2020F Source: Geostat, Galt &Taggart 2015-19E Capital stock Source: IMF, Geostat Georgia Middle East & Central Asia Emerging & Developing EU 2021F 2022F 2023F 2024F 44

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