Tracking Georgia's Economic Recovery

20 or ov -2% Turkey Armenia Georgia Belarus Hungary Russia Estonia Lithuania Bulgaria Croatia Poland 18% 2018 ■2019E 13% Expenditures (current + capital), GEL mn - Expenditures (current + capital) as % of GDP GOVERNMENT SOCIAL EXPENDITURE AS % OF GDP 2021F INVESTING IN INFRASTRUCTURE AND SPENDING LOW ON SOCIAL 56 BUDGET EXPENDITURES EXPENDITURE BREAKDOWN: CURRENT VS. CAPITAL Source: MoF, 1st draft of 2021 budget Source: MoF, 1st draft of 2021 budget 20,000 50% 100% 32.3% 33.0% 40% 76.0% 72.5% 73.4% 80.0% 81.7% 78.1% 80.0% 74.2% 73.1% 72.2% 78.2% 73.7% 15,000 29.4% 29.4% 27.6% 28.4% 28.6% 29.4% 28.2% 27.7% 28.9% 30.3% 80% 30% 60% 10,000 5,000 20% 40% 24.0% 27.5% 26.6% 20.0% 18.3% 21.9% 20.0% 25.8% 26.9% 27.8% 21.8% 26.3% 10% 20% о 0% 0% Source: IMF 8% ■2018 ■2019E 6% 4% 2% 0% Turkey Armenia Croatia Lithuania Russia Poland Bulgaria Estonia Hungary Belarus Georgia 2010 2011 --Current expenditures Capital expenditures and net lending GOVERNMENT CAPITAL EXPENDITURE AS % OF GDP Source: IMF 2016 2017 2018 2019 2020F 2021F

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