The International Monetary Fund (IMF) forecasts that countries of the South Caucasus and Central Asia will get back to growth in 2021 along with other world economies after suffering economic contraction caused by the impact of the COVID-19 pandemic.

“After an estimated contraction of –3.3 percent in 2020, the global economy is projected to grow at 6 percent in 2021, moderating to 4.4 percent in 2022,” the Fund said in its World Outlook Report.

New projections for 2021 and 2022 are stronger than in the same report released in October 2020.

“The upward revision reflects additional fiscal support in a few large economies, the anticipated vaccine-powered recovery in the second half of 2021, and continued adaptation of economic activity to subdued mobility,” the IMF said.

“High uncertainty surrounds this outlook, related to the path of the pandemic, the effectiveness of policy support to provide a bridge to vaccine-powered normalization, and the evolution of financial conditions.”

Below are main economic indicators for the countries of the South Caucasus region and Central Asia:

ARMENIA

Gross domestic product (GDP) is projected to grow 1.0 percent in 2021 and 3.5 percent in 2022. Annual inflation is projected at 3.9 percent this year and 3.2 percent in 2022.

AZERBAIJAN

GDP is projected to grow 2.3 percent in 2021 and 1.7 percent in 2022. Annual inflation is projected at 3.5 percent this year and the same level in 2022.

GEORGIA

GDP is projected to grow 3.5 percent in 2021 and 5.8 percent in 2022. Annual inflation is projected at 3.8 percent this year and 2.7 percent in 2022.

KAZAKHSTAN

GDP is projected to grow 3.2 percent in 2021 and 4.0 percent in 2022. Annual inflation is projected at 6.4 percent this year and 5.0 percent in 2022.

KYRGYZSTAN

GDP is projected to grow 6.0 percent in 2021 and 4.6 percent in 2022. Annual inflation is projected at 8.6 percent this year and 5.4 percent in 2022.

TAJIKISTAN

GDP is projected to grow 5.0 percent in 2021 and 4.5 percent in 2022. Annual inflation is projected at 8.0 percent this year and 6.5 percent in 2022.

TURKMENISTAN

GDP is projected to grow 4.6 percent in 2021 and 3.9 percent in 2022. Annual inflation is projected at 8.0 percent this year and 6.5 percent in 2022.

UKRAINE

GDP is projected to grow 4 percent in 2021 and 3.4 percent in 2022. Annual inflation is projected at 7.9 percent this year and 6.8 percent in 2022.

UZBEKISTAN

GDP is projected to grow 5.0 percent in 2021 and 5.3 percent in 2022. Annual inflation is projected at 10.3 percent this year and 11.2 percent in 2022.