The World Bank’s data show that Georgian GDP will have decreased by 6% in 2020. The outlook for 2021-2022 for the Georgian economy says it will grow by 4 and 6%, subsequently.
The bank writes that regional GDP in Europe and Central Asia is estimated to have contracted by 2.9% last year, while this year the regional economy is forecast to expand only moderately by 3.3%. The main reason for that is the resurgence of COVID-19 cases, which causes persistent disruptions to activity.
"The COVID-19 pandemic has generated a major health and economic crisis in the region that has been compounded by social unrest and conflict. After stabilizing in mid-2020, the rate of cases sharply accelerated in the fourth quarter, forcing governments to maintain or reintroduce mitigation measures,” - such is th Bank's position about the situation in the Europe and Central Asia region.
Accoring to the same report, the global economy decreased by 4.3% in 2020, and the global economy is expected to expand by 4% in 2021, ‘assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year.’
