World Bank: Georgia's economy to grow by four percent in 2021

2021/04/79878-1617261702.jpg
Read: 925     11:00     01 Апрель 2021    

According to the World Bank's forecast, Georgia's economy is unlikely to recover to the level of 2019 until the end of 2022. This is reported by the Public Television of Georgia.

The World Bank bulletin says that the COVID-19 pandemic has hit Georgia hard. Travel restrictions, a sudden halt in international tourist arrivals, and weak overseas demand led to a 6.2 percent economic downturn in 2020. The poverty rate increased by about 5.4 percentage points. The loss of jobs and income was a particularly acute problem. The fiscal deficit and public debt exceeded the established limit in the context of the crisis pressure on the fiscal and foreign trade balance.

Georgia's economy is projected to grow by four percent in 2021 and five percent in 2022.

Despite the improvement in the economy, total production will not be able to return to pre-COVID-19 levels until the end of 2022, largely due to unreliable forecasts for the prospects for international tourism.

The economic recovery will depend heavily on risks, including prolonged vaccination, additional restrictions, tightening global financial conditions, and prolonged political tensions.

 

apsny.ge





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World Bank: Georgia's economy to grow by four percent in 2021

2021/04/79878-1617261702.jpg
Read: 926     11:00     01 Апрель 2021    

According to the World Bank's forecast, Georgia's economy is unlikely to recover to the level of 2019 until the end of 2022. This is reported by the Public Television of Georgia.

The World Bank bulletin says that the COVID-19 pandemic has hit Georgia hard. Travel restrictions, a sudden halt in international tourist arrivals, and weak overseas demand led to a 6.2 percent economic downturn in 2020. The poverty rate increased by about 5.4 percentage points. The loss of jobs and income was a particularly acute problem. The fiscal deficit and public debt exceeded the established limit in the context of the crisis pressure on the fiscal and foreign trade balance.

Georgia's economy is projected to grow by four percent in 2021 and five percent in 2022.

Despite the improvement in the economy, total production will not be able to return to pre-COVID-19 levels until the end of 2022, largely due to unreliable forecasts for the prospects for international tourism.

The economic recovery will depend heavily on risks, including prolonged vaccination, additional restrictions, tightening global financial conditions, and prolonged political tensions.

 

apsny.ge





Tags: