Economic Press Monitor
January 11, 2021
IN THIS ISSUE:
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| 1. |
WHAT WILL ECONOMICALLY HARD SPRING BRING TO US
Economic & Politics
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Doctor of economics, professor Ramaz Otinashvili forecasts that due to COVID-19 pandemic, this spring will be especially difficult. “Many jobs are not temporarily paused, but they have been swallowed up by the crisis”, Otinashvili says.
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| 2. |
BY WORLD BANK FORECAST, GEORGIA’S ECONOMY IN 2021 WILL INCREASE BY 4%
Macroeconomics & Budget
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The World Bank forecasts that Georgian economy will reduce by 6% in 2020 and increase by 4% in 2021. In 2022, growth is projected at 6%.
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| 3. |
GEORGIA WILL RECEIVE THIS YEAR 1.014B M3 OF GAS IN EXCHANGE FOR TRANSIT OF AZERBAIJANI GAS
Energy, Oil & Gas
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Referring to natural gas balance, the newspaper reports that additional volume of gas, to be received by Georgia from Azerbaijan’s Shah Deniz field in 2021, makes up 508.7 million cubic m, while of option gas – 505.96 million cubic m. This means that volume of gas, received by the country from South Caucasus Corridor, will increase by 126 million cubic m if compared with the year 2020 (888.6 million cubic meters), the newspaper notes.
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AMENDMENTS TO THE CODE REGARDING TAXATION OF LIQUEFIED GAS BROUGHT THE BUDGET A 300% INCREASE OF REVENUES IN SIX MONTHS
Macroeconomics & Budget
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Georgian Business Association indicates that amendments to taxation of liquefied gas have subjected so-called excise-free commodity code, used for import of oil-products for years, to taxation as well, and one-stage taxation with 300 lari is activated. “As a result, within 6 months from the date of activation of the legislative amendments, the state budget received by 300% more revenues than it was expected”, says Shavleg Mishveladze, head of the Association’s committee on oil, oil-products and gas.
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