Baku, Azerbaijan, June 27
By Tamilla Mammadova - Trend:
In case of decrease of inflow of tourists from Russia, the growth rate of tourism in Georgia will be reduced, but it will still remain positive, TBC Bank Georgia said in a statement, Trend reported via newsgeorgia.ge.
The bank also decreased its forecast of the country's economy growth - if previously the growth forecast stood at 5 percent, now it has decreased to 4 percent.
Tensions between Russia and Georgia reached a new level in July of this year. Since July 8, Russian authorities have banned direct flights between Russia and Georgia. The move is said to deliver a crushing blow to the tourism sector of Georgia, which last year received one and a half million tourists from Russia.
On July 20 Georgia underwent a wave of protests in Tbilisi, following the visit of the Russian delegation led by the deputy of the State Duma of the Russian Federation, a member of the Communist Party of the Russian Federation Sergey Gavrilov, who publicly supports the independence of the Georgian regions of Abkhazia and South Ossetia.
According to the bank’s information, the growth rate of tourism on the background of sanctions will be about five percent, since the flow of tourists from the EU, Israel and other countries is growing sharply.
“The impact of such a sharp reduction in the flow of tourists from Russia on the economy should be about 1.5 percent, however, balancing factors will play an important role over the next year,” the bank reports.
According to the bank, the possible damage for lack of tourists from Russia coming to Georgia is estimated at some $200 million.