20.May .2021 13:30

Economy Is Likely To Recover To Pre-Pandemic Levels In 2-3 Years – Deputy Finance Minister

Economy Is Likely To Recover To Pre-Pandemic Levels In 2-3 Years – Deputy Finance Minister
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Giorgi Kakauridze, Deputy Finance Minister declares that the pandemic has increased the unemployment rate which resulted growth of state’s social expenditures.

Giorgi Kakauridze cannot name the exact growth rates of unemployment and says that Geostat will publish this information in the coming days.

"Increase in unemployment has affected the social expenditures as well. A certain category of families has fallen below the threshold when they need help from the budget, and this is an additional expense for the budget. However, it is a bit early to assess how soon the economy will recover after the lifting of regulations.

Of course, some load will remain on the budget, as a full recovery will not be possible this year. It is likely to take 2-3 years to return to pre-pandemic levels. However, I think the second half of the year will be a big step forward in this direction. From the next year, it will be possible to assess whether it is a steady increase of unemployment or not and how much it will grow social spending, "- Giorgi Kakauridze said.