23 January 2022,   21:32
Georgian economy has lost more than USD 3 billion - Ivane Machavariani

The tourism sector was particularly affected during the pandemic, which was one of the important driving forces of the country’s economy. Such a statement made today the Minister of Finance of Georgia.

“The tourism sector, which accounted for 10% of the country’s economy, was hit hard. In 2019, our economy received USD 3.3 billion from tourism. This figure will be reduced to 90% this year. Last year, exports were USD 3.8 billion, but this year we will have a decrease of about 10%. In total, from these two sectors alone, our economy has lost more than USD 3 billion.

The deterioration of the trade balance has also affected the current account deficit, which is projected at 9.7% this year and 8.5% in 2021. COVID-19 and the resulting uncertainty have led to a decline in investment around the world, which has also been reflected in the rate of foreign direct investment in Georgia. This year, it is expected to shrink by 30%, which is a loss of about USD 400 million”, - said Ivane Machavariani.