Economic Decline in Georgia to Reach -5%

By 2020, the economic downturn will be -5%. Such is the updated forecast of the National Bank. Koba Gvenetadze, the President of the NBG stated about it. Recall that the previous forecast was -4%.

"As you know, we periodically review the economic growth forecast. This change this time was due to a greater decline in global economic activity and foreign demand than was evident at the outset of the pandemic.

As you know, in the early stages of the pandemic, the global economy was forecast to grow by -3% by the International Monetary Fund, although a more recently updated, more pessimistic forecast was released, which would put the global economy at 4.9%. This was also one of the factors that led to the revision of the economic growth forecast, "Gvenetadze said.