Georgia’s economy will shrink 5% in FY2020 - NBG President

Georgia’s economy will shrink 5% in FY2020 - NBG President

access_time2020-08-05 15:00:37

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.



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