Chairman of the Supervisory Board of the ICR Group Kakha Khazaradze told Commersant that the country has been experiencing an inevitable economic crisis, which at the first stage affected the hospitality sector, and in the near future will affect all sectors of the business economy.
"In this situation, the country faces an inevitable economic crisis, which has already begun. This process will not affect all the sectors at once, first of all, it will affect tourism. There is a 25-30% decrease in the retail and HORECA sector, the furniture sector sees a 50% decline as it is linked to the real estate sales.
The situation depends on many factors, including sanctioned government officials the list of which will continue to grow. In addition, the European institutions refuse to provide financial assistanceб we have already seen several major projects stall. For example, a project worth up to $240 million was suspended in Adjara this week. In three months, we will find ourselves in a big hole where it will be difficult to distinguish truth from falsehood," Khazaradze told Commersant.
The Chairman of the Supervisory Board of the ICR Group believes that the only way out of the current political situation is early elections, which the sooner will be held, the less the country will suffer.
"The country needs de-escalation, there is zero trust in this government. The only solution is new elections, the faster the society comes to this idea and convinces the government, the country can come out with less losses, but the crisis is inevitable. This government has a radically different vision, which differs from the vision of the majority of the country's inhabitants. What they do will not bring any good. In the last 30 years, the country has risen to its feet with the help of European and American financial institutions through grants or loans", Kakha Khazaradze stresses.
