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pandemic started to take hold.
The PM also stated that every child aged 17 and under would receive a GEL200 lump sum assistance payment from the state. That measure would cost the government GEL170mn.
As part of the anti-crisis plan, every student facing financial problems (a system to assess stuents’ financial standings is already in place in Georgia) will receive full funding from the state for one semester of the 2020-2021 academic year.
"Every student with up to 150,000 social rating points will receive full state-funded compensation for one semester of tuition fees in the 2021 academic year. In addition, every student with up to 150,000 social rating points and suspended student status due to a failure to cover tuition fees will receive a 2,250-lari compensation payment for 2020-2021 tuition fees from the state. Overall, more than 33,000 students will benefit throughout Georgia," Gakharia added.
3.0 Macro Economy
Georgia - Main Macro Indicators 2015 2016 2017 2018 2019* Q1 2020*
GDP real growth (y/y, %)
3.0 2.6 4.8 4.8 5.1 2.2
GDP per capita (at current prices), 4,012.6 4,062.1 4,358.5 4,722.0 4,763.5 1,017.1 USD
GDP per capita (at current prices), GEL
9,109.4 9,613.9 10,933.9 11,968.0 13,428.9 2,976.6
GDP at current prices, (USD bn)
14.9 15.1 16.2 17.6 17.7 3.8
GDP at current prices, (GEL bn)
33.9 35.8 40.8 44.6 50.0 11.1
GDP deflator (y/y, %)
5.8 2.6 8.5 4.4 6.6 6.1
Source: Geostat
3.1 Macroeconomic overview
Georgia’s GDP shrinks 12.6% y/y in Q2
Georgia’s GDP contracted by 12.6% y/y in Q2 following the modest 2.2% y/y advance recorded in Q1. The country thus suffered a 5.8% y/y contraction in growth in H1.
"Despite all the difficulties, the June statistics show that our economy is gradually recovering and the first signs of this are obvious—the pace of economic decline is slowing down," minister of economy Natia Turnava commented.
In June, the Georgian economy shrank by 7.7% y/y, a much more moderate contraction compared to the -13.5% y/y seen in May and -16.6% y/y posted in
10 GEORGIA Country Report September 2020 www.intellinews.com
