Issue 124: Overview of COVID-19 in Eastern Europe and Central Asia Including Case Studies of Georgia, Moldova and Serbia
22-Oct-2020
The COVID-19 pandemic, and the ensuing economic shock, has prompted governments all around the globe to act swiftly and decisively to mitigate the health and economic impacts of the crisis. Each country has responded in its own way, and it is useful to look at these different responses to identify good practices. In this issue, we look broadly at countries in Eastern Europe and Central Asia, and present three case studies of Georgia, Moldova, and Serbia respectively, including an analysis of the fiscal measures these countries have taken and an overview of the impacts of the pandemic.
Monthly Tourism Update (September, 2020)
21-Oct-2020
The number of international travelers declined by 94.2% in September compared to the same period of 2019, while the number of inter- national visitors fell by 93.6% and the number of international tourists fell by 92.2%. Georgia experienced a fall of more than 90% in the number of foreign arrivals every month since April, compared to the corresponding period of 2019;
In the first three quarters of 2020, revenues from international travel amounted to US$499 mln, which is 81% lower than for the same period of 2019;
The price changes in Adjara, Guria, and Samtskhe-Javakheti are the most representative of tourism’s decline. In September 2020, the year over year Hotel Price Index decreased by 39.2% in Guria, 33.4% in Adjara, and 24.3% in Samtskhe-Javakheti;
Looking at countries that have reopened tourism quickly with no restrictions, some have managed to recover a sizable portion of their arrivals, such as Albania, while others, like North Macedonia and Serbia, have not been so successful. Indeed, the decrease in the number of arrivals to the latter two countries has been comparable to that in Georgia, which has maintained significant travel restrictions.
Hotel Price Index (September, 2020)
21-Oct-2020
In Georgia, the average cost of a room in a 3-star hotel was 124 GEL per night in September 2020, while the average cost of a room in a 4-star hotel in Georgia was 221 GEL per night and the average cost of a room in a guesthouse was 70 GEL per night. The average cost of a room in a 5-star hotel in Georgia in September 2020 was 335 GEL per night. In Samtskhe-Javakheti, the average price was 440 GEL, followed by Guria - 433 GEL, Tbilisi - 430 GEL and Kakheti – 345 GEL.
Issue 1: Ukrainian Economy - Overview, 2010-2019
09-Oct-2020
In the very first edition of PMC Research Center Ukraine’s Economic Outlook and Indicators, we present an overview and analysis of the dynamics of Ukraine’s main economic indicators over the last decade, such as GDP, inflation, exchange rates, foreign trade, FDI, and remittances.
Issue 123: Employment and Income Dynamics in Georgia
05-Oct-2020
In August 2020, the number of employees receiving salaries recovered almost fully and stood at only 1% less than the corresponding month of last year;
During the period of January-August 2020, the month of May saw the largest drop in the number of employees receiving salaries (a dip of 9% or 74 951), compared to the corresponding period of 2019;
The month of April experienced the biggest decline in the number of employees for four out of the five higher-income categories, with the highest decline (23%) recorded in the number of people earning more than GEL 4800 per month;
The total average monthly earnings of employees in Q2 of 2020 amounted to GEL 1150.1, which represents a 3% decrease compared to Q2 of 2019;
According to the data obtained from HR.ge and Jobs.ge, the drop in demand for labor started in March and reached its peak in April, when HR.ge and Jobs.ge experienced an 87% and 78% year over year (YoY) decline in new vacancies posted, respectively. The YoY growth rates started recovering towards the baseline in May, but then registered a significant decline in August.
