Assessment of the Impact of COVID-19 on the Georgian Economy and Preparation of a Medium-term Strategy for Recovery

25 May 2021

On 25th of May 2021 the technical assistance project - "Assessment of the Impact of COVID-19 on the Georgian Economy and Preparation of a Medium-term Strategy for Recovery" was presented to the Government of Georgia.

Upon the request of the Government of Georgia, this project was implemented by the European Bank for Reconstruction and Development (EBRD), at the initiative of the Investors Council and funded by the UK Government’s Good Governance Fund (GGF). The research and analysis, conducted by the PwC experts from Poland, India and Georgia, was presented by Ms. Agnieszka Gajewska, PwC Partner, CEE Leader Public Sector & Infrastructure / ESG, Global International Development Leader.

The Minister of Economy and Sustainable Development Ms. Natia Turnava made the opening remarks, followed by the Minister of Finance, Mr. Lasha Khutsishvili; the Head of Government Administration, Mr. Ilia Darchiashvili; EBRD Regional Director for Caucasus, Ms. Catarina Bjorlin Hansen and HE Ambassador of the United Kingdom to Georgia, H.E. Mark Clayton. The presentation was moderated by the Head of the Investors Council Secretariat, Mr. Giorgi Cherkezishvili.

“The economic impact assessment model is particularly important for the Government, as it provides us additional clarity in terms of actions to be taken going forward. Increasing the FDI is a priority for the Government. The report presented several meaningful insights highlighting the key obstacles for the FDI attraction. The Ministry has already started to lead an active process based on the recommendations”, said Natia Turnava, the Minister of Economy & Sustainable Development of Georgia.

The scope of project included the assessment of the impact the current pandemic had on various sectors of the economy. The main challenges were presented to the audience. In addition, short and medium-term recommendations for attracting foreign direct investment as well as economic models have been developed and presented to the Ministries of Economy and Finance.