Category: Economy

Deputy Minister of Economy and Sustainable Development, Mariam Kvrivishvili, recently held meetings with representatives from British airlines to discuss the possibility of establishing direct flights between Georgia and the United Kingdom. The discussions, which also involved the Georgia Airports Association and the Georgian Embassy in Great Britain, are part of a broader effort to enhance Georgia’s connectivity and attract more tourists. The introduction of direct flights is expected to boost…

The construction industry in Georgia is facing significant cost increases as aggregate prices have surged by 24.6% over the past year. This rise, the 11th highest in the United States, is attributed to a combination of supply chain disruptions, increased demand, and regulatory challenges. Aggregates, which include materials like sand, gravel, and crushed stone, are essential for construction projects ranging from roads to residential buildings. The price hike is expected…

In the first half of 2024, Georgia experienced a decline in its external merchandise trade, marking a 1.8% decrease compared to the same period in the previous year. According to the National Statistics Office of Georgia (Geostat), the total trade amounted to USD 10.32 million. This decline was primarily driven by a significant drop in exports, which fell by 6.7% to USD 2.85 million, while imports saw a slight increase…

Georgia, a small yet strategically located country at the crossroads of Western Asia and Eastern Europe, has been consistently recognized for its favorable business climate. The U.S. State Department’s recent report highlights Georgia’s impressive rankings in international indices for transparency, competitiveness, and economic freedom. With a robust economic framework and a commitment to reforms, Georgia continues to attract foreign investment and foster a thriving business environment. Economic Reforms and Growth…

The price of gold has seen a significant increase of 12.8% since the start of 2024, according to recent reports. This surge in gold prices is attributed to various economic factors, including inflation concerns and increased demand from central banks. The stability of gold prices in June did not deter the overall upward trend observed throughout the first half of the year. As investors seek safe-haven assets amidst economic uncertainties,…

The Asian Development Bank (ADB) has made a significant investment of $53 million in Georgia’s private sector. This investment aims to support the development of the local capital market and promote sustainable economic growth. The ADB’s involvement is part of a broader strategy to enhance financial inclusion, strengthen food security, and support small businesses in Georgia. This initiative is expected to have a substantial impact on the country’s economic landscape,…

The National Bank of Georgia (NBG) is actively promoting the development of financial technologies to enhance the country’s financial infrastructure and foster innovation. Through various initiatives and collaborations, the NBG aims to create a conducive environment for fintech growth, ensuring that Georgia remains at the forefront of financial innovation. This article explores the NBG’s efforts, the impact on the financial sector, and future directions for fintech development in Georgia. Promoting…

In an era where social mobility defines the dynamics of success, Clayton State University stands at the forefront of fostering change. The institution is set to host a groundbreaking Social Mobility Summit, a testament to its commitment to education and equal opportunity. A Vision for the Future The summit is not just an event; it’s a movement. It represents a collective aspiration to break the barriers that hinder progress for…

The Investment Ecosystem Meeting Vol. 3 is set to take place on June 30, 2024, in Tbilisi, Georgia. This event aims to bring together key stakeholders from various sectors to discuss and promote investment opportunities in the region. The meeting will feature presentations, panel discussions, and networking sessions, providing a platform for participants to exchange ideas and explore potential collaborations. The event is expected to attract a diverse audience, including…

In a remarkable achievement, Georgia has secured the top position among 125 countries in the Open Budget Index, a testament to the nation’s commitment to budget transparency and public involvement in fiscal processes. A Leap in Transparency and Oversight Georgia’s journey to the pinnacle of the Open Budget Index is a story of consistent progress and reform. The country’s score of 87 out of 100 in budget transparency is a…