Georgian economy will shrink by 4.6% in the first quarter of 2021

Georgian economy will shrink by 4.6% in the first quarter of 2021

access_time2021-02-25 09:00:48

The Parliamentary Budget Office has released its forecast for economic growth in the first quarter of 2021.

According to the document, in the first three months of the current  year, Georgia’s economy is expected to shrink by 4.6%.

The forecast of the budget office is based  upon some assumptions . In particular, tourism is expected to decline by 85% in the first quarter of 2021 that will  have a significant impact on the economic downturn. a volume of investments is also expected to  reduce. according to the forecast exports and imports of goods will fall but compression of exports will be greater than the decline in

imports.


The only thing that will increase in the three months of this year is consumption. According to the forecast of the Budget Office, private consumption will increase especially for food products.


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