On 21st of May, 2020 at 16:00 (Tbilisi local time), Investors Council Secretariat (ICS) held an online “zoom” meeting regarding the study conducted by “PricewaterhouseCoopers Georgia” (PWC) with the support of ICS, Ministry of Economy - Enterprise Georgia and Ministry of Agriculture-RDA.
The survey of businesses by PwC Georgia and the Investors Council reveals that a decrease in demand is the most significant side effect of COVID-19 among all sectors. The study was conducted from 16-27 April through an online survey and generated 1,938 responses.
The survey studied the impact of COVID-19 on the Georgian economy and business sector. Decrease in demand meaningfully affected the revenues of the surveyed companies, which have already dropped by more than half for 65% of respondents. Accommodation and food service companies were affected the most, with more than 75% of the sector experiencing significant revenue reduction.
