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Georgian President says external problems and mistakes made inside the country affected economic situation

Georgia Online
11:43 - 28 September '15

While holding a meeting with the Georgian Diaspora, President of Georgia Giorgi Margvelashvili has put an emphasis on the factors that have caused economic problems in the country. According to the President, the problems are especially serious, despite expectations being much higher.

According to him there were good starting conditions in the light of signing Free Trade Agreement with Europe. Therefore, 5% economic growth was predicted and we had hope.

“We hoped for the actual possibilities – an interesting investment market,” said Margvelashvili adding the whole set of strategic projects being carried out in Georgia; makes him hope for better future.

According to him, all the potential was negatively affected by external problems such as Russia-Ukraine war that in turn damaged Ukraine’s economy and trade potential with Russia has weakened.

As he has declared, external problems and mistakes made inside Georgia have influenced the economic situation in total.

“You know what happened to the Lari. It has depreciated against the dollar and inflation processes occurred at the same time. Of course, there were mistakes… More aggressive economic policy may be conducted but economic problems were mainly caused by external factors that are impossible to be improved,” – the President remarked.

Certain economic potential is still left in the country that makes us hope for the better future, Margvelashvili concluded.

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