Tracking Georgia's Economic Recovery

Labor force 0.7% 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 REAL GDP GROWTH PROJECTION, 2020 Capital stock 2.2% 0% Source: IMF, WEO, October 2020 0% 10% -2% 8% -1.8% -4% 6% -6% -8% -7.2% -6.5%-6.0% -5.2%-5.0%-5.0%-4.8% -4.5%-4.5% -4.1% -4.0%-4.0%-3.6% 4% 2% -10% 0% -12% Ukraine Czech Rep. Latvia Estonia Georgia Turkey Romania Armenia Moldova Russia Azerbaijan Bulgaria Poland Lithuania -2% -4% -6% 2011 2012 2013 -5% 2004-2007 2008-2009 2010-2014 2015-2019 ■TFP Labor force ■Capital stock Georgia REAL GDP GROWTH: GEORGIA, MIDDLE EAST & CENTRAL ASIA, EMERGING & DEVELOPING EU Middle East & Central Asia Emerging & Developing EU 2014 2015 2016 2017 2018 2019 2020F 2021F Source: IMF, WEO, October 2020 2020F 2023F 2024F 2025F

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