Geostat has revised its rapid estimate of real GDP growth for the first quarter of 2020. The estimated growth now stands at 2.2%, which is 0.7 percentage points above the average growth rate previously estimated for Q1. The real GDP growth rate contracted by 16.6% and 13.5% year-on-year in April and May 2020, respectively. Consequently, the estimated real GDP for the first five months of 2020 amounted to 5.4%.

After reaching a historic low in April 2020 Georgian consumer confidence has been steadily reviving. Covid-19 has shaken the world as well as Georgian consumers. One of the evidences that it has been an extraordinary time for Georgian consumers is that in April expectations index dropped below the present situation index for the very first time (see Figure 1).

In a first for Georgia's education sector, the ISET MA Class of 2020 underwent its graduation ceremony entirely online. Guest speakers – including Minister of Education Mikheil Chkenkeli, ISET Governing Board Director Jean-Frederic Paulsen, and Deputy Swedish Ambassador Erik Illes – appeared over Zoom, followed by members of the Class of 2020 itself, and finishing with an address by Valedictorian Guram Lobzhanidze.

On 28 May, Georgia announced its fourth anti-crisis plan, in which the government will subsidize 4 percent of the interest rate of mortgage loans for five years. The subsidy will be issued for loans not exceeding 200,000 GEL and will only apply to those taking mortgages for the purchase of residential apartments that are newly built or under construction, from 1 June 2020 to 1 January 2021. The state will also ensure the completion of ongoing construction.

The Regulatory Impact Assessment (RIA) has proved to be an effective policy-making tool and has been integrated into policy and legislative processes in an increasing number of countries. Over the last few years, the Government of Georgia has embarked on the process of institutionalizing RIA as an integral part of policy-making.