Fady Asly, Chairman at International Chamber of Commerce in Georgia writes on his official Fcebook page that despite the fact, Georgian economy officially increased by 5.2% in 2019 and this is far from being any kind of growth to celebrate.
“The mean exchange rate of USD/GEL in 2018 was 2,5345 and for 2019 it was 2,8192 (source Geostat)
Hence the GEL has devalued in 2019 by 10% year on year.
GDP growth in GEL in 2019 was 5.2%, meaning that the nominal GDP growth in USD value is in reality -4.8%
Our economy has therefore shrank by 4,8% in USD but grew 5.2% in GEL due to devaluation and this is far from being any kind of growth to celebrate!”, - Fady Asly writes.
To remind, Geostat has published economic growth report on December 31, 2020. According to it, real GDP growth has made up 5.2%.
