ECONOMY
31.03.21 13:50
The latest ‘Europe and Central Asia Economic Update’ published by the World Bank reads that the Georgian economy is unlikely to recover to pre-Covid levels until late 2022.
The Covid-19 pandemic has hit Georgia hard. Mobility restrictions, a sudden halt to international tourist arrivals, and weak external demand drove an estimated economic contraction of 6.2% in 2020. The poverty rate increased by an estimated 5.4 percentage points. Job and income losses were severe. The fiscal deficit and public debt rose above statutory levels as the crisis put pressure on fiscal and external balances", reads the report.
The World Bank says that the Georgian economy is projected to expand to 4% in 2021 and then to firm to 5% in 2022.
Despite this improvement, output is unlikely to recover to pre-Covid levels until late 2022, in part owing to a subdued outlook for international tourism over the forecast horizon", reads the report.
The World Bank regional director for the South Caucasus Sebastian Molineus said that the pace of Georgia's recovery beyond 2021 'will be contingent on vaccine rollout and the restoration of international trade and investment'.
For a sustained and resilient recovery, Georgia will need a continued focus on slowing the spread of Covid-19 infections, large-scale vaccination, and addressing longer-term challenges, including human capital, strengthening institutions and promoting a digital and green recovery”, he said.
Meanwhile, the National Statistics Office of Georgia has published rapid estimates of Georgian economic growth, which reads that estimated real gross domestic product declined by 5.1% in February 2021 year-on-year and by 8.3% in January-February of 2021 year-on-year.
source: AGENDA
Read: 163
Write comment
(In their comments, readers should avoid expressing religious, racial and national discrimination, not use offensive and derogatory expressions, as well as appeals that are contrary to the law)
News feed
-
Turkey is extending a hand of reconciliation to Armenia. Yerevan must seize opportunities
12:4326.04.24
-
11:5226.04.24
-
10:0026.04.24
-
From 'alliance' to open hostility: Armenia and Russia
19:0325.04.24
-
17:5425.04.24
-
17:0025.04.24
-
Lithuanian Ambassador: Foreign influence bill contradicts EU recommendations
16:1025.04.24
-
Shalva Papuashvili: We hear statements and concerns from the US State Department, Brussels
15:3025.04.24
-
14:5725.04.24
-
14:0625.04.24
-
13:1425.04.24
-
Defense Committee Chair hosts Head of NATO Liaison Office in Georgia
12:3025.04.24
-
11:5725.04.24
-
11:1125.04.24
-
Rally against draft law "On Transparency of Foreign Influence" underway near Parliament
10:0025.04.24
-
MIA to identify individuals calling for blocking roads artificially during Rustaveli Avenue rallies
18:0024.04.24
-
Lazare Grigoriadis leaves prison
17:3024.04.24
-
Irakli Kobakhidze to participate in the Conservative Political Action Conference in Hungary
17:0024.04.24
-
16:1724.04.24
-
15:3024.04.24
-
Youth social entrepreneurship support project kicks off
14:5024.04.24
-
14:0024.04.24
-
Tbilisi Mayor deems new stadium construction as a mega project
13:2024.04.24
-
12:2424.04.24
-
Rustavi City Council Chairman dismissed
11:3024.04.24
-
10:2224.04.24
-
9:0024.04.24
-
Tusheti Protected Landscape in Georgia’s north-east to expand by 2,245 hectares
18:0023.04.24
-
17:2823.04.24
-
16:5623.04.24
-
16:2023.04.24
-
15:4423.04.24
-
15:0623.04.24
-
Georgian PM, UN representatives review cooperation
14:3523.04.24
-
14:0023.04.24
-
Four people were arrested for making and issuing fake driving licenses
13:2023.04.24