Georgia's Economic Outlook 2020

Armenia Ukraine Russia Azerbaijan Belarus Georgia Kazakhstan Turkey Armenia Euro Moldova 15.5% 18.7% 22.6% Georgia Russia Azerbaijan CURRENCY WEAKENING VS. US$ Source: Bloomberg Note: US$ per unit of national currency, period 1-Aug-2014-30-April-2020 45.7% FLEXIBLE FX REGIME SUPPORTS TO MACRO STABILITY 65 INFLATION: GEORGIA AND PEERS Source: Geostat 14% End-2019 ■Mar-20 11.9% 15% MONETARY POLICY RATE: GEORGIA AND PEERS End-2019 Latest-2020 Source: Central Banks 12% 10% 8% 6.4% 6.1% 10% 7.25% 8.00% 8.75% 8.50% 8.75% 9.50% 4.9% 6% 5.50% 4% 2.3% 2.5% 3.2% 5.25% 5% -0.1% 2% 0% -2% 0% Armenia Russia Azerbaijan Ukraine Georgia Belarus Turkey Kazakhstan Ukraine Kazakhstan Belarus 52.0% 53.8% 55.3% 57.4% 58.0% Turkey 69.5%

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