Trade gap widened by 24% y/y to $5.83bn – which represents nearly one third of the estimated GDP last year.
The legendary mountain region of Svaneti has turned into a cryptocurrency mint, resulting in chronic electricity shortages.
The flag carrier was hit hard by a 2019 Russian ban on direct flights, but the knockout blow was the pandemic.
The Georgian economy is projected to grow 5.5% in 2022 and 5% in 2023, the January edition of the World Bank’s report Global Economic Prospects 2022 says.
Core inflation, however, eased to 5.9% y/y from 6.1% y/y in November.
Vladislav Zubok’s book Collapse: the fall of the Soviet Union examines the causes of the breakup of the Soviet Union and challenges the view that the collapse was inevitable.
Frozen conflicts along contested borders in the former Soviet space have created levers for Russian influence.
The 30 years since the fall of communism show that strong institutions served the transition countries better than a strongman leader — despite a widespread belief to the contrary, found a webinar organised by wiiw.
A large part of the FDI was actually retained earnings generated by the two major banks, TBC and Bank of Georgia.
In the fourth quarter, the base effects will dissipate and the annual figures may decrease.
The monetary policy committee of the National Bank of Georgia increased the refinancing rate rate by 0.5 pp to 10.5%.
The green agenda is dominating the debate today, but the importance of environmental issues is nothing new: 30 years ago it was a green revolution that brought the Soviet Union down.
Compared to the third quarter of 2019, the production value in the manufacturing sector expanded by an annualised real rate of 2.9% per annum.
The biggest part of the 12.5% y/y annual inflation (5.35pp) was caused by the 17% y/y increase in food prices.
The new proposal’s modest scope, and new diplomatic developments, could finally make the pipeline feasible.
For the first 10 months of the year, Geostat estimates an average growth rate of 10.5%.
Bloc’s giant investment offer may appeal to countries worried by Chinese “debt-trap diplomacy”. Beijing warns against geopoliticising infrastructure.
More expensive electricity means global cryptominers are avoiding Georgia.
Compared to October 2019, before the crisis, the volume of assets and loans surged by 29% and 36% respectively.
Road renamings celebrate historic Iranian links to the South Caucasus, as well as jailed Shiite group.