The National Bank Forecasts a 4 Percentage Point Increase in Unemployment in 2020

05:14 Thu, 18 August

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16.Nov .2020 21:00

The National Bank Forecasts a 4 Percentage Point Increase in Unemployment in 2020

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Unemployment in Georgia will increase by 4 percentage points by 2020 - this is the updated forecast of the National Bank of Georgia, published by today.

According to this forecast, the unemployment rate will reach 16.3% this year and it will decrease by 0.5 percentage points in 2021 and by an additional 2 percentage points in 2022.

The Georgian government estimates that about 100,000 people lost their jobs during the current pandemic.

BMG has demanded official statistics on how many people have received GEL 200 unemployment benefits. The program has been running for the last 6 months and has been giving monthly assistance from those who had salaries up to the first quarter of 2020 but have since lost income. This assistance was issued for 6 months, however, it was terminated for the citizens immediately if other income in the amount of more than 10 GEL was recorded in their account.

According to official statistics, 161,905 people have benefited from this assistance at least once during May-September.

By months, compensation recipient statistics are as follows:

May - GEL 14,426,200 was transferred to 72,131 persons;
June - GEL 28,760,200 - transferred to 143,801 persons
July - GEL 25,486,000 - transferred to 127,430 persons
August - GEL 19,353,000 - transferred to 96,765 persons
September - GEL 18,263,000 - transferred to 91,315 persons

According to the World Bank, by 2020, up to 160,000 Georgian citizens may be in poverty.

NBG world bank unemployment