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Experts in Georgia have called for the government to create an integrated plan for the country’s post-Covid economic recovery, warning that a long-term strategy was badly needed.
According to latest government figures, 1,100 companies ceased operating and 150,000 people lost their jobs in Georgia in 2020. Both exports and imports decreased, and an entire season of tourism revenue – a major source of income – was lost.
The unpredictable business environment was further fueled by uncertainty due to ongoing Covid-19 regulations and a political crisis that followed last October elections, with the opposition continuing to boycott parliament.
According to Georgia’s 2021 budget, the rise of public debt to 60.1 per cent of GDP - 32 million GEL (18.6 million US dollars) led to a 7.7 per cent deficit. This in turn went against the requirements of a
Middle-class connotes a signified secure and aspirational lifestyle. Uganda’s middle-class comprises of people whose per capita daily consumption expenditure is between $2-$20 (Shs 7,300–Shs 73,000) in purchasing power parity (PPP) terms.
The brief breaks down the middle-class into three categories. First is the Floating Middle-Class (FMC), these are between the poor and the lower-middle-class.
“This class is vulnerable and highly unstable and can quickly descend into poverty in the event of economic and other shocks. The per capita consumption level for FMC is $2-$4 (Shs 7,300 – Shs 14,600) per day - just above the developing world’s poverty threshold of $2 (Shs 7,300) per day.”
Daily Monitor
Wednesday January 13 2021
Money goes through a money counting machine. In a rare move BOU conducted a conversion of bonds that were due to mature in January 2021. Photo/ File
Summary
Financial stress.
The issuer was trying to avoid a market shock by rolling over huge amounts, with implications of distorting the interest structure but also at same time dealing with huge interest payments, and of course in the grand scheme of things carefully taking a look at the government current fiscal situation,’’ Mr Mr Stephen Kaboyo, the proprietor of Alpha Capital Partners says. says.
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The Bank of Uganda’s move to reschedule Treasury bonds worth more than Shs1 trillion which was due for maturity this month has raised some eyebrows.
The East African
Tuesday January 12 2021
Taxpayers are assisted to file their returns at Kenya Revenue Authority, iTax Support Centre in Nairobi last year. Although the tax rates had dropped on account of the pandemic, they went back to previous percentages. PHOTO | FILE | NMG
Summary
Despite hopes for a better year, a review of the macroeconomic situation in some EAC countries paints a gloomy picture, not fitting expectations.
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The celebratory New Year mood did not last long for many citizens of East Africa.
Individuals are facing the tough economic realities of 2021, weighed down by weakening macroeconomic indicators and depletion of disposable incomes, signalling difficult times ahead.
Investment incentives available: Breaks on income and customs taxes; export incentives
Ease of Doing Business rank (2019): 159
Corruption Perceptions Index rank (2019): 96
Political risks: High level of political risk; election postponed until 2021
Security risks: Apart from Covid-19, several areas are very unsafe for travel, especially border areas, due to unexploded land mines and danger of kidnapping
PROS
CONS
Droughts, locusts
High inflation
Sources: AM Best, Government of Canada Global Travel Advisory, International Monetary Fund, Reuters, Risk and Compliance, Portal, Transparency International, US State Department, World Bank
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Ethiopia built an impressive record as a frontier markets overperformer in the past decade. Growth ranged between 8.3% and 11.2% for all but one year between 2011 and 2019, according to the World Bank.