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PM: Political Standoff Harms Economy

Despite global economic crisis, the first quarter of the year was “successful” for the Georgia’s economy, PM Nika Gilauri said; he, however, warned that political standoff and protest rallies in the country would hit the economy.

“Political standoff and disorders will have the only one result – economic slowdown; lose of foreign investments and working places,” PM Gilauri told journalists after meeting with a group of businessmen on April 8, a day before the planned protest rallies.

Meanwhile, Fitch Ratings put Georgia’s long-term foreign and local currency issuer default ratings on watch for possible downgrade, the Wall Street Journal reported. Fitch Ratings said rising domestic political tensions make it difficult for authorities to boost confidence and rebalance the economy following last year’s war with Russia and amid the global financial crisis.

This post is also available in: ქართული (Georgian) Русский (Russian)

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