TBC Capital expects 2021-2022 to be period of economic recovery in Georgia

Business Materials 1 April 2021 16:40 (UTC +04:00)

BAKU, Azerbaijan, April 1

Tamilla Mammadova – Trend:

Georgian TBC Capital has published a regular report on the state of the Georgian economy and expectations for 2021-2022, Trend reports via the TBC Capital.

In particular, the forecast will worsen in 2021 due to the still high level of uncertainty in connection with the coronavirus pandemic, however, according to experts, in general, 2021-2022 will be a period of economic recovery.

The reason for the worsening expectations for 2021 was the lockdown, which was in effect throughout January, partly in February. As a result, in January, the economic decline was 11 percent, in February 5.1 percent, based on that the maximum level of economic growth in 2021 was determined within 4 percent.

According to the baseline scenario, in 2021 the tourism sector will account for 25 percent of the 2019 indicator, in 2020 the recovery in this strategically important sector will reach 90 percent. The hospitality sector will return to pre-pandemic levels in 2023.

"In 2021, hotel occupancy will be 60 percent lower than in 2019, but in 2022 this figure will almost return to the level of 2019. At the same time, the occupancy rate of large hotels is currently higher than that of small and medium ones, most of which are still closed. At the first stage, the increase in occupancy will mainly affect large hotels," the report said.


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