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DAILY NEWS February 26, 2020

IMF RESIDENT REPRESENTATIVE: RISKS IN GEORGIA ARE BALANCED THIS YEAR, THERE ARE MORE LIKELY SHORT-TERM GLOBAL CHALLENGES

Selim Cakir, resident representative of the IMF in Georgia, declared that risks in Georgia “are balanced this year, more likely short-term global challenges appeared recently”. “For example, the obstacles, caused by a coronavirus, which affect global economy”, he noted. More...


BALCEROWICZ: TAKING INTO ACCOUNT HIGH LEVEL OF INVESTMENTS, GEORGIA’S ECONOMIC GROWTH COULD BE EVEN MORE ACCELERATED

Famous Polish economist, professor at Warsaw School of Economics and author of “shock therapy” (Poland’s transition from Socialist to market economy) Leszek Balcerowicz indicated that level of investments in Georgia is very high and they are mainly from private sources. “Taking into account the high level of investments, economic growth could be even more accelerated”, he considers. More...


GEORGIAN PREMIER: GEORGIA NEEDS THE EU SUPPORT IN TRANSPORT AND COMMUNICATION LINKS’ STRENGTHENING

“One big challenge, in which overcoming, first of all, our European colleagues have to help us, concerns transport and communication links”, Georgia’s Prime Minister Giorgi Gakharia declared, while speaking at the economic conference “Georgia and the World 2020”.

Georgia today has ideal legal framework, agreements with the EU, but has no land border with the EU, the Premier indicated. More...


EU AMBASSADOR TO GEORGIA: WE BELIEVE THAT CLUSTERING OF SMALL AND MEDIUM BUSINESS WILL FACILITATE ENTRY ON EUROPEAN MARKET

“We finished research and we believe that clustering of small and medium business [in Georgia] will facilitate entry on the European market”, the EU ambassador to Georgia Carl Hartzell declared.

“There are clusters in Georgia, for example, in direction of interior, design, film production, furniture, clothes, etc.”, the ambassador noted. More...


WB REGIONAL DIRECTOR: COMPETITIVENESS OF ENTERPRISES HAS CRUCIAL IMPORTANCE FOR ECONOMY

Sebastian Molineus, regional director of the World Bank (WB) in the South Caucasus, points that “Competitiveness of enterprises has crucial importance for the economy, based on the private sector”. “We see that access to finance in Georgia is very much improved, as well as improved access to means of communication”, he noted. More...


GEORGIAN ECONOMY MINISTER AND ADB COUNTRY DIRECTOR DISCUSSED ISSUES OF COOPERATION

Natia Turnava, Georgia’s Minister of Economy and Sustainable Development, held a meeting today with Shane Rosenthal, country director of Asian Development Bank (ADB) for Georgia.

As the Georgian Ministry said, the parties discussed ongoing ADB-supported projects in transport, energy and other spheres, as well as future cooperation projects. More...


TBILISI MAYOR: SINCE 2021, STORAGE AND REALIZATION OF SECONDARY TIRES, SCRAP, DUSTY AND EXPLOSIVE MATERIALS IN RESIDENTIAL AND RECREATIONAL ZONES WILL BE FORBIDDEN

Tbilisi Mayor Kakha Kaladze declared that since January 1, 2021, storage and realization of secondary tires, scrap, dusty and explosive materials in residential and recreational zones of the city will be forbidden.

While saying this at the city government meeting today, the Mayor noted that the law, adopted a year ago, which envisages sanctions for transportation of unpacked construction materials, works effectively. More...


TBILISI MAYOR: 126 “BMC”-MADE 12-METER BUSES WILL BE BROUGHT IN TBILISI

126 powered by compressed natural gas (CNG) 12-meter buses, made by Turkish BMC, will be brought to the capital, Tbilisi Mayor Kakha Kaladze declared at the city government meeting today. He noted that the Turkish company will begin assembly of the buses in near future. More...


ACCEPTANCE OF APPLICATIONS FOR PROFESSIONAL RETRAINING PROGRAM IN TBILISI TO START IN MARCH

Acceptance of applications for participation in the program of professional retraining “Study and Be Employed” will start in March, Tbilisi Mayor Kakha Kaladze declared at the city government meeting today. The mentioned program is implemented since 2018. More...


ECONOMIC PRESS MONITOR February 27, 2020

Rezonansi: “NATIONAL BANK TAKES PROMISE BACK?”

While commenting on situation with retail crediting, Georgian Banking Association’s president Alexander Dzneladze declares that “Issue of regulations is at the stage of negotiations” with National Bank of Georgia (NBG). “We have no final answers yet on certain questions”, he notes. More...


Bankebi da Finansebi: “MACHAVARIANI – ACCORDING TO OUR AND NATIONAL BANK’ ANALYSIS, LARI APPROACHED THE BALANCE MARK”

Georgia’s Finance Minister Ivane Machavariani declares that “According to our and National Bank’s analysis, lari approached today a balance mark”. “This is reality of today, nobody has to forecast [situation] in a month or three months, and no such forecasts are made”, he stresses. More...


Bankebi da Finansebi: “MACHAVARIANI – PRIVATIZATION OF RAILWAY IS POSSIBLE AND THE GOVERNMENT HAS TO THINK IN THIS DIRECTION”

Georgia’s Finance Minister Ivane Machavariani declares that privatization of Georgian Railway “is not only possible, but also we have to think in this direction”.

“There are best examples of the EU, when the soil and core infrastructure remain in hands of the state, while transportations, including “trading”, are commercialized”, the Minister explains. More...


SPECIAL REPORT January 22, 2020

MONTHLY TOURISM UPDATE (DECEMBER 2019)

- Number of international traveler trips has increased by 7.8% (compared to 2018) and has reached all time high – 9.3 million;

- Number of tourists visiting Georgia has increased by 6.8% (compared to 2018) and has also reached all time high – 5.1 million;

- In 2019, Azerbaijan, Armenia, Russia and Turkey accounted for 33.6% of all international visitor trips in Georgia;

- Since 2011, annual number of arrivals in Georgia has increased by 200.4%;

- On average, 2.8 times as many foreigners visit Georgia in August compared to February;

- State-owned Mountain Resort Development Company has experienced loss of 16.5 million lari in 2018;

- In December 2019, compared to November 2019, hotel price index increased by 9.1%;

- In December 2019, compared to the same period of 2018, hotel price index increased by 1.2%.

SEASONALITY IN GEORGIAN TOURISM

2019 was a successful year for Georgian tourism sector. More...


Exchange Rates (NBG)
  02/27/20 + / -
  USD   2.8042   0.0114
  EUR   3.0686   0.0303
  RUR   4.2697   0.0119
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We wish you a Happy New Year! Let it be peaceful, prosperous and full of joy for you and your beloved!

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