Top

How did COVID-19 influence the Georgian economy?

How did COVID-19 influence the Georgian economy?
How did COVID-19 influence the Georgian economy?

In June, the TBC Capital analytical group evaluated the impact of the COVID-19 pandemic on the Georgian economy.

Following the TBC Capital, the basic scenario says that Georgia's economic growth forecast for 2020-2021 has not changed.

Namely, in 2020 the economy is projected to shrink by 4.5-5.5%, and in 2021 the economic growth will reach 5.0-6.0%.

The forecast for tourist flow for 2020 has worsened compared with the previous evaluation.

Experts say a sharp depreciation of the GEL exchange rate is unlikely since the currency will be supplied by the National Bank and the Government of Georgia.

"Compared to February 2020, 11% of wage earners were not credited, equaling 91,000 people. Relatively sharp reductions show up in the HORECA (hotel/restaurant/cafe) and trade sectors. In the residential real estate market, a gradual normalization of sales is observed. The pace of bookings in the hotel sector is growing, mainly due to domestic tourism. Nevertheless, against the backdrop of a delay in opening borders, sector expectations for 2020 have worsened," the review by TBC Capital says.

If you find out orphographic mistake in the text, please select mistaken part of the text and press Ctrl + Enter.

Last added

Latest news



orphus_system