The real GDP growth rate amounted to -7.7% year-on-year for November 2020. Consequently, the estimated real GDP for the first eleven months of 2020 was -5.9%. Recently, Geostat has released its preliminary estimate of real GDP growth for the third quarter of 2020. The Q3 growth rate was -5.6% (down by 0.5 ppt relative to the forecast).

The pandemic has taken an enormous toll on human lives and health globally. It has severely impacted the socio-economic state of millions of households, bringing immeasurable human tragedy, paralysis of social connectivity, economic crisis, and, to a certain extent, culture shock.

The COVID-19 pandemic raised concerns about the food security of many countries, in particular import-dependent developing countries like Georgia. Trade restrictions imposed by Georgia’s trade partners tightened the supply of some cereals and vegetables, signalling the risk of an increase in food prices.

The COVID-19 pandemic and consequent stringent lockdown measures have had a drastic toll on the Georgian economy. The economic downturn has significantly affected the resilience of local Small and Medium Enterprises (SMEs), whose sales decreased by almost 13% (YoY) in the first two quarters of 2020. These negative impacts of the economic contraction have been particularly severe for Women-led Small and Medium Enterprises (WSMEs).

“Food safety risks cannot be entirely eliminated but must be managed along the entire food chain, from farm to table. Reducing food safety risks requires collaboration across sectors, stakeholders and national borders” Dr. Hans Henri P. Kluge, WHO Regional Director for Europe.