BAKU, Azerbaijan, Mar. 12
Trend:
Amid the military crisis between Russia and Ukraine, the number of visitors to Georgia in 2022, compared to the 2019 level, is predicted to recover by 47 percent (3.6 million people) in the timely resolution of the conflict, or by 40 percent (3 million people) in case of the delayed resolve, Trend reports via the TBC Capital’s tourism sector review.
Meanwhile, TBC Capital’s forecast for Georgia’s tourism sector recovery in terms of the number of visitors, compared to the 2019 level, was at 62 percent (4.8 million people).
According to the report, Georgia’s revenues from tourism will be affected by this situation as well. The previous forecast of 85-percent recovery ($3.3 billion) has been reevaluated to 68 percent - $2.2 billion (rapid resolution) and 56 percent - $1.8 billion (delayed resolution).
Georgia will see a rapid decrease in a number of visitors from Russia and Ukraine. Besides these two countries, Belarus and Armenia are among the most vulnerable source markets, TBC Capital noted.
TBC Capital noted that revenues and the number of visitors from the Middle East and Israel both in the timely and delayed resolution of the conflict will stay unaffected.
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