Georgian Finance Minister revises 2021 growth outlook down to 4%
Matcahavariani said that the coronavirus vaccine is a positive factor and if taken in time in the second half of 2021 the economy will recover. Photo: Ministry of Finance.
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Georgian Finance Minister Ivane Matchavariani said that the new restrictions imposed by the government today give ground to revise the economic growth rate of 2021.
The 2021 state budget was planned with a 4.3 per cent economic growth forecast, however Matchavariani said that there was 'a significant decline in revenues' in November and January and February will be 'severe' because of the new restrictions, which will affect economic growth next year.
However, Matcahavariani said that the coronavirus vaccine is a positive factor and if taken in time in the second half of 2021 the economy will recover.
Georgia continues to support its citizens amid the coronavirus pandemic.
The government of Georgia has imposed further restrictions to curb the spread of the coronavirus in the country today, however to ease the burdens for businesses and the public the government has also announced supportive measures.
The government of Georgia has imposed further restrictions to curb the spread of the coronavirus in the country. The restrictions that will be in effect between November 28 and January 31 are as follows: An effective curfew will be in force between the hours of 21:00 and 05:00. The restriction will be temporarily lifted on December 31 and January 6 (for New Year and Christmas). Restaurants and other food facilities will fully move to takeaway services which includes takeaway, delivery and drive.
The 2021 state budget of Georgia will include expenditures for quarantine, testing and Covid-19 vaccine and will be discussed at the parliament of Georgia by the end of this month, announces Georgian Finance Minister Ivane Matchavariani.
Estimated real gross domestic product (GDP) declined by 3.9 per cent in October 2020 year-on-year, and by 5.1 per cent in the first ten months of 2020, show the latest data from the National Statistics Office of Georgia (Geostat).
Next year Georgia will have a state budget of 18 billion GEL to use for state agencies, projects, and also to alleviate sectors of the economy affected Covid-19. The final version of the draft state budget for 2021 is already being discussed by parliament.
The head of the National Bank of Georgia Koba Gvenetadze projects the Georgian economy will grow 5% in 2021.
Estimated real gross domestic product (GDP) declined by 7.7 per cent in November 2020 year-on-year, and by 5.9 per cent in the first eleven months of 2020, show the latest data from the National Statistics Office of Georgia.