Retail Banking Financial Update

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 CONTRIBUTIONS OF CAPITAL, LABOR, AND TFP TO GROWTH DURING PERIODS Total factor productivity. 1.8% Labor force 0.7% 46 Source: Geostat, Galt &Taggart 10% Source: Geostat, Galt &Taggart 8% 6% 4% Capital stock 2.2% 2% 0% -2% 2004-2007 2008-2009 2010-2014 2015-2019 ■ TFP Labor force ■Capital stock REAL GDP GROWTH PROJECTION, 2020-2021 Source: IMF, statistics offices, Galt & Taggart 2.5% 2.5% 3.0% 3.4% 4.1% 4.1% 4.1% 4.5% 4.6% 4.6% 5.0% 5.0% 5.1% 5.2% REAL GDP GROWTH: GEORGIA, MIDDLE EAST AND CENTRAL ASIA, EMERGING & DEVELOPING EU Source: IMF, WEO, October 2020 10% Georgia 8% Middle East & Central Asia 6% 4% 2% 0.6% -1.8% -4.3% -3.6% -3.1% -4.0% -4.5% -5.2% -3.6% 0% -4.8% -6.1% -6.5% -6.0% -2% Emerging & Developing EU -7.5% Armenia Azerbaijan Ukraine Russia Bulgaria ■Lithuania ■2020E ■2021F Moldova Estonia Poland Romania Turkey Georgia Czech Rep. Latvia -4% -6% 2013 2014 2015 2016 2017 2018 2019 2020F 2021F 2020F 2023F 2024F 2025F

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