TBC Capital’s updated research - the impact of COVID-19 on the Georgian economy12 Jun, 2020
TBC Capital hosted another online conference to assess the impact of COVID-19 on the Georgian economy and business sectors. At the meeting, business and public sector representatives discussed the current situation, major macro-parameter forecasts and the expectations for economic recovery. Forecasts for 2020-2021 for various business sectors were also discussed during the webinar.
According to TBC Capital, the basic scenario implies an expected 4.5-5.5% decrease in the economy in 2020. After a sharp drop in the second quarter of 2020, a gradual recovery and an increase of 4-5% in 2021 is expected. TBC Capital forecasts a 65% drop in tourism revenue during the year, with activity in the sector starting after the second quarter and a return to 2019 levels taking about 1.5 years.
“In order to overcome the current challenges with a united effort, the TBC team continues to work with our partners engaging in active dialogue. The shared analysis and findings today are an additional tool for assessing the situation for companies, which we believe will help them plan effectively in the coming months.” — George Tkhelidze, Deputy CEO of TBC Bank.