BAKU, Azerbaijan, October 6
By Tamilla Mammadova – Trend:
To overview the finance environment in Georgia, it is worth noting that it is dominated by banks, whose assets increased to 98.4 percent of GDP in the second quarter of 2020, Policy and Management Consulting Group (PMCG) told Trend.
As the PMCG noted, banks are followed by microfinance organizations.
"It can be argued that financial activity is clearly growing over the years in the Georgian economy, which is supported by the fact of increased figures of deposits and loans denominated by commercial banks in Georgia. However, it is worth noting that access to finance for small and medium enterprises remains a significant issue in the Georgian financial environment," the company added.
According to the PMCG, the most affected by the COVID-19 pandemic are tourism-related activities, namely the hospitality sector (hotels, restaurants, cafes, bars) in Georgia.
"In addition retail will be highly impacted as well. External Trade is also worth noting as in the first half of 2020 the total trade turnover was 18 percent less than in the first half of 2019. Other sectors such as arts and entertainment, construction, and manufacturing are also expected to be highly impacted," the company added.
PMCG is an international development company specializing in policy advising, capacity building, infrastructure development, maximizing investments, and corporate management. We have the knowledge, experience, and personnel to deliver success internationally.
---
Follow the author on Twitter: @Mila61979356