Think-Tank: First Quarter Sees Significant Decrease in Remittances

By the end of 2015, remittances to Georgia are expected to decline by $330 million, reports the local independent think-tank PMCG in its Economic Outlook and Indicators report adding that considering the exchange rate and a multiplier effect, this will represent nominal GDP (GEL) reduction of no more than 1%. The organization states that in the first quarter of 2015, 72% of the GDP come from remittances.

The top five countries that transfer money are Russia (37%), Greece (16%), Italy (10%), the US (9%) and Turkey (7%), “which does not give the grounds of optimism [as] Greece and Russia have an economic crisis, while Italy sees a slight economic growth.”

More details to follow in this week’s edition of Georgia Today.