WB DECREASED FORECAST FOR GEORGIA’S ECONOMIC GROWTH
In its last forecast, the World Bank (WB) said that Georgian economy in 2020 will be reduced by 6%. In June, the WB forecasted economic reduction of 4.8%.
IN 2019, AVERAGE NOMINAL SALARY OF GEORGIAN EMPLOYEES INCREASED BY 5.7%
Sakstat released adjusted data for 2019, according to which average nominal monthly salary of Georgian employees in the reporting year made up 1,129 lari. If compared with 2018, the showing has increased by 5.7%.
IN 2019, AVERAGE SALARY IN GEORGIAN BUSINESS SECTOR INCREASED BY 5.5%
Sakstat released adjusted data for 2019, according to which average nominal monthly salary of employees in Georgian business sector (entrepreneurial) made up the reporting year 1,161 lari. If compared with 2018, the showing has increased by 5.5%.
ECONOMY MINISTER: POSSIBILITY OF ANOTHER RESTRUCTURING OF CREDITS FOR TOURISM SECTOR AND SMALL HOTELS WAS CONSIDERED
Georgian Ministry of Economy and Sustainable Development reported that the Minister Natia Turnava held an online meeting with management of leading banks of the country.
As Turnava said, they “considered possibility to conduct once again restructuring of credits for tourism sector and small hotels”.
PRIME MINISTER: UPON OBTAINING STATUS OF “INTERNATIONAL COMPANY”, SHIPPING, LOGISTIC, TRADE AND IT COMPANIES WILL ENJOY TAX BENEFITS
Georgia’s Prime Minister Giorgi Gakharia declared that shipping, logistic, trade or IT companies, which will get status of “international company”, will enjoy tax benefits. At the government meeting today, “we discuss, with companies of which direction to start and how to create mechanisms for obtaining of the mentioned status”, he noted.
COST OF REHABILITATION WORKS TO BE FUNDED BY 70% FOR BENEFICIARIES OF “GEORGIAN TEA” STATE PROGRAM, WHILE FOR AGRICULTURAL COOPERATIVES – BY 90%
Georgian government decided to fund 70% of cost of rehabilitation works, actually carried out by beneficiaries of “Georgian Tea” state program, but no more than 2,500 lari per 1 ha.
The same applies to agricultural cooperative, which will receive financing of 90% of cost of actually carried out rehabilitation, but no more than 3,000 lari per 1 ha.
PROCESS OF SECTORIZATION OF PUBLIC ENTERPRISES IS COMPLETED
In review of the state-owned companies’ financial performance, submitted to the Parliament together with draft of the country’s state budget-2021, Georgian government points that process of sectorization of public enterprises was finished in April of this year.
The review specifies that the matter concerns reference of these enterprises to state corporations or general government.
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