BAKU, Azerbaijan, Feb. 2
By Maryana Akhmedova – Trend:
Georgia saw an impressive recovery in its tourism sector in 2021, which will continue in 2022, Trend reports via an economic review from the Renaissance Capital.
According to the report, Georgia’s tourism sector is recovering due to both external and domestic tourists. Moreover, the number of domestic tourist trips in Georgia in 2021 was at historical heights.
The number of external tourists in Georgia in 2021 increased by 14 percent year-on-year, however, this figure still accounts for only 22 percent of the pre-COVID-19 pandemic level. This implies significant recovery potential in 2022-2024, Renaissance Capital said.
At the same time, income from foreign tourists in Georgia in 2021 increased by 130 percent year-on-year, which corresponds to 38 percent of the pre-pandemic level, the report noted.
The GDP growth in Georgia in 2021 exceeded 10 percent year-on-year while decreasing by 6.8 percent in 2020. Overall, Renaissance Capital expects the growth to continue at 6 percent annually, which will be supported by the tourism sector rebound.
However, according to the forecast, the GDP growth in Georgia will slow down to 5 percent in 2023-2024, the report noted.
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