The COVID-19 pandemic and the slump in commodity prices will affect the inflow of remittances to Georgia, as some of the key remittance-sending countries such as Italy, Russia and the United States, have been strongly impacted, says the World Bank. “Remittances are an important source of income for households in Georgia and the COVID-19 shock…
Amid the shrinking of cultural exchange between countries due to the coronavirus outbreak, Georgian cuisine is still managing to reach new taste buds as far as Japan. While direct visits between the two countries are on hold, a variety of khachapuri cheese bread from Georgia can now be tasted at stores in select locations. In…
TBC Bank has received a license from the Central Bank of Uzbekistan to launch operations in the country starting from June. The strategy of the bank is to develop a modern banking ecosystem for retail business as well as micro, small and medium size businesses. At the first stage, TBC will offer opening and saving…
Azerbaijan was the main electricity provider to the neighboring Georgia in the period of January-March. Thus, Azerbaijan supplied 402.8 million kWh to Georgia of the total 744.2 million kWh imported in the first quarter, Electricity System Commercial Operator (ESCO) of Georgia reported. Azerbaijan’s electricity exports decreased by 12.2% YoY. Russia was the second electricity supplier…
Georgia’s external trade turnover amounted to $2.77 billion in January-March, up by 2.7% YoY, showed preliminary data from the National Statistics Office of Georgia (Geostat). The value of exports decreased by 5.9% and reached $778.2 million, while imports decreased by 1.4%, amounting to $1.99 billion. The trade deficit of Georgia in January-March amounted to $1.23…
The World Bank projects Georgian economic growth to slow sharply this year, coming close to 0% in 2020 due to the challenging external environment and impacts of the COVID-19 pandemic. However, the COVID-19 impacts on the Georgian economy “will be partly cushioned by a fiscal stimulus of around 2% of GDP, containing acceleration of capital…
About 50 factories and businesses will undergo inspections in Georgia to check whether they are properly implementing the recommendations as regards the health and safety of employees amid the coronavirus outbreak, announces the Economy Minister of Georgia Natia Turnava. The government of Georgia suspended several economic activities in the country several days ago when it…