BAKU, Azerbaijan, June 9
By Tamilla Mammadova - Trend:
Georgian gross domestic product (GDP) will shrink by 4.8 percent in 2020, while four-percent growth is expected in 2021, Trend reports with reference to the World Bank (WB).
In Georgia, announced fiscal measures are equivalent to 3 percent of GDP over the next few years and include additional health spending, support for the tourism sector, accelerated and increased VAT
refunds, a moratorium on tax payments for low-income earners, subsidized utility costs of the poor, and unemployment subsidies, the WB's report said.
“This includes additional medical expenses, assistance to the tourism sector, a refund of value added tax, a moratorium on taxes for low-income people, subsidies for utility bills and subsidies for poor citizens,” the report said.
According to WB, Albania, Croatia, Georgia, Georgia, Montenegro and Turkey were hit the hardest by the negative impact of declining tourist flows due to the pandemic.
“The economy in the South Caucasus region will shrink by 3.1 percent due to lower food prices. In 2021, economic activity is expected to grow to three percent,” the report said.
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