TBC Bank CEO evaluates the impact of the Russia-Ukraine War on Georgian economy and banking sector.
As Vakhtang Butskhrikidze notes, the Georgian economy is less dependent on Russia than 15 years ago, however, there will be losses due to the Russia-Ukraine War, which Georgian economy will overcome easily.
“What takes place in Ukraine, has an impact on Georgian economy, but it is good that we are less dependent on Russia than 15 years ago. If we look at the exports, revenues from tourism and remittances from Russia, it does not exceed 15-18%. There will be losses due to the war, but Georgian economy can manage and overcome it.
We think that economy will have positive growth during the year. According to our forecast, Georgian economy will grow up to 3-4% y-o-y. The banking sector, credit portfolio and deposits will continue to grow and the increase will be up to 10-15%”, - TBC Bank CEO declares.
