President of the National Bank of Georgia (NBG) Koba Gvenetadze says that according to new estimates, Georgia’s economy will shrink 5% in FY2020 and not by 4% as it was forecasted.
When speaking about the NBG's economic forecast Koba Gvenetadze says that the previously reported -4% decline has been reviewed and amid worsening of global financial conditions,, Georgia’s economy will see a more significant decline.
"Based on new estimates, we think that the economic downturn in Georgia will amount to -5% in 2020. As you know, the previous prognosis was -4%. This change was caused by a decrease in global economic activities and foreign demand compared to the initial stage of the pandemic", - Gvenetadze notes.