In 2020 Georgia will reduce exports by more than 6%, and the budget will receive less than 1.5 million GEL in terms of tax incomes, Georgia's Deputy Finance Minister Giorgi Kakauridze said.
In his words, the government expects a considerable reduction in tourism incomes and remittances.
"Uncertainty is one of the severe challenges. Current data allow us to say that in 2020, unfortunately, the economy will decrease by 4%. Naturally, economic reduction depends on many factors. We expect the export rate to decrease by more than 6%. Current deficit will almost double and exceed 10%. Income from tourism and remittances will significantly drop. The budget deficit will increase from 2.5% to 8.5%. In the next years, as part of the post-crisis plan, we will need to return this figure to a level that ensures fiscal stability. Concerning revenue reduction, the consolidated budget loss due to the pandemic is GEL 1.8 billion," Kakauridze stated.
Bela Gelashvili
News Author