BAKU, Azerbaijan, May 18
By Tamilla Mammadova – Trend:
The largest negative effect of coronavirus, in terms of the dynamics of stock prices for companies, was recorded in the aviation sector of Georgia (-41 percent), Trend reports citing the report “The Impact of COVID-19 on the Georgian Economy” of TBC Capital at Georgian TBC Bank.
The negative effect was also recorded in sectors such as oil and gas (-32 percent), production and sale of durable goods (-31 percent), the automotive industry (-29 percent), hotels and restaurants (-29 percent), distribution (-28 percent), real estate (-25 percent).
A relatively stable position was recorded in trade in consumer goods (+7 percent), healthcare (+2 percent), pharmacy (-8 percent), household and personal goods (+ 1 percent), electronic commerce (-5 percent), programming and IT services (-6 percent).
"Economic growth is expected to be around 4.5 percent in 2021 in Georgia", said the TBC Capital.
According to the report, under the baseline scenario, Georgia’s GDP decline in 2020 will be from 4.5 percent to 5.5 percent, and after a sharp decline in the second quarter, it will begin to increase gradually; in 2021, the economy is expected to grow by about 4.5 percent.
According to the TBC Capital, it is predicted that in 2020, the tourist flow will reduce by 65 percent. Activity in the sector will begin to return to normal in third quarter of 2020.
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