New state commission to create economic development plan for Georgia
Everyone who is interested in the commission, representatives of the sectoral committee of the parliament or high-level experts are free to join, said PM Garibashvili. Photo: Nino Alavidze/Agenda.ge.
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A state commission will be set up to work on a long-term economic development plan, announces Georgian Prime Minister Irakli Garibashvili.
At today's government meeting we will approve the establishment of a state commission which will work on an economic development plan for the next three months and will present the first document at the end of May", Garibashvili said.
Everyone who is interested in the commission, representatives of the sectoral committee of the parliament or high-level experts are free to join, said Garibashvili.
He said that the goal is to create a specific long-term development plan for each sector of the Georgian economy.
Standard & Poor's (S&P) Global Ratings has affirmed Georgia’s long- and short-term foreign and local currency sovereign credit ratings at 'BB/B'. S&P has meanwhile revised its outlook from stable to negative. S&P reported yesterday that 'the negative outlook reflects risks to Georgia's ability to generate adequate foreign exchange (FX) earnings to service its sizable external liabilities over our forecast horizon'.
Estimated real gross domestic product (GDP) declined by 11.5% in January 2021 year-on-year. Last month the following industries of the economy posted negative growth compared to the same period of the previous year:Construction, Transportation and storage, Manufacturing, Accommodation and food service activities, Arts, entertainment and recreation. Real estate activities and others.
Experts from Deloitte have analysed Georgian fiscal, monetary and sectoral economic policies and given recommendations to the Georgian government at an online meeting with Georgian Prime Minister Giorgi Gakharia earlier today.
The Georgian government is working with experts from the University of Cambridge and the University of London as well as Deloitte analysts and local experts to create a post-crisis economic plan and decide what steps they should take in order to improve the Georgian economy after the coronavirus lockdown.