TBC Capital holds an online conference on the impact of COVID-19 on the business environment17 Mar, 2020
TBC Capital assessed the impact of COVID-19 on the economic environment and published a report. The presentation of the analytical document to TBC partners through a digital platform was conducted at an online conference involving up to 250 representatives of various businesses.
According to the document, at this stage, the spread of COVID-19 has affected almost all sectors of the economy, but especially the tourism, restaurant, aviation, consumer goods and real estate sectors.
According to TBC Capital, the decline in tourist inflows should reach its peak in April and May. According to the basic scenario, a gradual normalization of the situation will start at the end of the second quarter, and by the end of the year growth will resume. In total, a 25% decrease in tourism revenues is expected in 2020.
“In order to overcome the current challenges with a united effort, the TBC team will work closely with our partners engaging in active dialogue. We proactively offer business sector participants an adjusted and preferential structure of loan services. All departments of TBC are guided by an agreed action plan to ensure the continuity of our processes and the most exceptional and far-reaching performance possible. The shared analysis and findings today are an additional powerful tool for companies to assess the current situation, which we believe will help them plan effectively in the coming months. Due to the changing situation, such analysis will be regularly reviewed and we intend to offer our updated report to the public in the next 2-3 weeks.” — George Tkhelidze, deputy CEO of TBC Bank.