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Economic Press Monitor


April 7, 2021

IN THIS ISSUE:

1. NEW STRAIN, 10 CLUSTERS AND ONE NEW RESTRICTION – WHAT AWAITS GEORGIA IN THE COMING DAYS
2. IMF DECREASED GEORGIA’S ECONOMIC GROWTH FORECAST FROM 4.3% TO 3.5%
3. TURNAVA: AS IT SEEMS, FULL RECOVERY OF TOURISM WON’T BE POSSIBLE IN THE NEXT THREE YEARS
4. ANOTHER COMPANY ESTABLISHED BY PARTNERSHIP FUND, “IMERETI GREENERY”, IS IN BANKRUPTCY MODE

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1. NEW STRAIN, 10 CLUSTERS AND ONE NEW RESTRICTION – WHAT AWAITS GEORGIA IN THE COMING DAYS
Economic & Politics

On April 6, Georgia’s daily rate of new COVID-19 cases abruptly increased, while rate of positive tests exceeded the critical mark of 3%, the newspaper reports. In particular, COVID-19 was confirmed to Prime Minister Irakli Garibashvili, while President Salome Zurabishvili went into self-isolation.

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2. IMF DECREASED GEORGIA’S ECONOMIC GROWTH FORECAST FROM 4.3% TO 3.5%
Macroeconomics & Budget

IMF updated its forecast, according to which Georgia’s economic growth in 2021 will make up 3.5%. The previous forecast envisaged growth of 4.3%, while back in October 2020, IMF expected Georgia’s economic growth of 5% in 2021, Tabula points.

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3. TURNAVA: AS IT SEEMS, FULL RECOVERY OF TOURISM WON’T BE POSSIBLE IN THE NEXT THREE YEARS
Economic & Politics

Natia Turnava, Georgia’s Minister of Economy and Sustainable Development, pointed: “It is very important for us to re-create sources of healthy inflow of foreign currency to Georgia”. “It’s very difficult without a full recovery of tourism”, she noted.

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4. ANOTHER COMPANY ESTABLISHED BY PARTNERSHIP FUND, “IMERETI GREENERY”, IS IN BANKRUPTCY MODE
Companies

Referring to business-partner.ge, the newspaper reports that agricultural company Imereti Greenery, established with participation of Georgian Partnership Fund, is in bankruptcy mode.

As the article specifies, request to start insolvency proceeding was submitted to the court by the Fund, and the court already started proceeding on this case, but the company did not interrupt a working process.

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Exchange Rates (NBG)
  04/13/21 + / -
  USD   3.4235   0.0003
  EUR   4.0709   0.0089
  RUR   4.4397   0.0063
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