“I think prices are not easy to bring down directly. In Georgia, as in other countries, one solution for reducing prices is the diversification toward cheaper sources”, - Albert Park Chief economist at the Asian Development Bank (ADB), said in response to a question from an InterPressNews correspondent.

As Park noted at the 59th Annual Meeting of the ADB, the ongoing conflict in the Middle East and the resulting rise in energy prices are affecting the prices of various goods and services.

According to him, in such a situation, one solution is to diversify toward cheaper sources, however, in conditions where resources are constrained, this is a difficult goal to achieve.

“I think prices are not easy to bring down directly. In Georgia, as in other countries, one solution for reducing prices is the diversification toward cheaper sources, but in an environment of scarcity, that may not be so easy. With rising prices, vulnerable households need support to meet their basic needs, but that support should come through targeted social protection programs that can effectively identify the families most negatively affected,” - said Albert park.

The Asian Development Bank’s annual meetings are being hosted by Samarkand, Uzbekistan, from May 3 to 6. The main theme of this year’s meetings is: “Crossroads of Progress: Advancing the Region’s Connected Future.”

An InterPressNews reporter is on site and will cover the main issues related to the summit.