The President of the National Bank of Georgia Koba Gvenetadze declares, that an economic downturn of 5% is quite realistic in 2020 from today's point of view. Koba Gvenetadze stated it at the online press conference held after the meeting of the Monetary Policy Committee.
"As for the next year, we think the economy can grow by 5% in 2021. Do not forget that the fiscal stimulus is also quite high according to the planned budget. However, we must keep in mind, that it is very difficult to make predictions due to the COVID-19 and this is associated with a lot of uncertainty. It depends on the availability of Covid-19 vaccine, including in our country,” said the President of the National Bank.
According to Koba Gvenetadze, macroeconomic forecasts will be updated in February 2021.
