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Standard and Poor's: Georgia’s 2013 Budget Deficit will Exceed Finance Ministry’s Forecast

According to the influential rating agency Standard and Poor's, in 2013 Georgia’s budget deficit will exceed the Finance Ministry’s forecast. "Big Three" rating agency suggests that  in the backdrop of the drop in the country's economic growth and an increase of social expenditures, the budget deficit will be 3.5 % in the current year. They also say that the new government's unclear economic strategy will have a negative impact on the country's economic growth.Standard and Poor's expects  Georgia’s economic growth rate to improve in the second half of 2013 while the economic growth rate to achieve, on average, 5% in the years 2013-2016. Note: The ratings agency has cut  2013 economic growth forecast for Georgia  to 3.5%. According to the Ministry of Finance, the forecast has been changed due to a 1.7% economic growth in the first quarter of 2013, but the remaining period of the year will be much more successful and agencies will review their forecasts.

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