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Galt & Taggart raises its economic growth forecast for Georgia

Business Materials 7 June 2021 17:24 (UTC +04:00)

BAKU, Azerbaijan, June 7

By Tamilla Mammadova – Trend:

Georgia will receive $1.2 billion from tourism this year, Trend reports via the Galt & Taggart investment bank.

"Opening the land borders from June 1 will help the gradual recovery of tourism. We expect that in 2021, Georgia will receive $1.2 billion from tourism, which is 36 percent of 2019 tourism revenue," reads the bank's report.

Last year, the loss of the tourism sector was more than $2.7 billion because, in 2019, Georgia received $3.26 billion in revenue from international tourism, while last year - only - $541.7 million.

It is also noteworthy that Galt & Taggart raised their 2021 economic growth forecast to 7 percent.

According to the previous estimates of the investment bank, the Georgian economy was to grow by 5 percent this year.

Following Geostat's report on 44.8 percent growth in April, Galt & Taggart raised their expectations for the growth of the economy

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