S&P said that several risks to the recovery remained relevant, including if pandemic consequences linger, persistent inflation and higher interest rates, a change in current commodity price trends, and geopolitical tensions.

Former Georgian President Mikheil Saakashvili, detained since his surprise return to his homeland last month after eight years in exile, pledged to end a six-week-old hunger strike if authorities allowed him to be treated in a civilian clinic.

EBRD revised up its outlook for the economies of the South Caucasus and Central Asia in 2021, predicting that growth would be stronger than it initially expected, though called the recovery "bittersweet".