Tracking Georgia's Economic Recovery

10% 8% 6% 4% 2.4% 2% 0% -2% -4% -3.7% -6% -8% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GEORGIA'S ECONOMIC GROWTH FORECAST 7.4% 6.4% 6.2% 2018 GEORGIA'S ECONOMIC OUTLOOK IN 2020 AND 2021 Source: Geostat, Galt & Taggart 4.4% 4.8% 4.8% 5.1% 5.0% 3.6% 3.0% 2.9% 2019 2020F -5.1% 2021F Our brokerage and investment arm, Galt & Taggart forecasts GDP to contract by 5.1% in 2020 In 2021, Galt & Taggart forecasts growth to rebound to 5% in baseline scenario, assuming tourism to recover to 50% of 2019 level in 2021 IMF revised 2021 growth projection downwards, from 5% to 4.3% recently. Reasons for this downward revision are uncertainty associated with the regional conflict and the increased number of COVID-19 cases in Georgia

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