The outbreak of the virus and the corresponding containment measures have started to severely affect the global economy. The Organization for Economic Co-operation and Development (OECD), in its Interim Economic Outlook Report (2020) on March 2nd downgraded 2020 real GDP growth projections for almost every country. The largest reduction in growth projections is seen for China (-0.8 percentage points) with worldwide real GDP growth rate expected to decline from 2.9% (November 2019 forecast) to 2.4%. In their report on March 6th, Asian Development Bank (AD...
ISET Economist Blog
A blog about economics in the South Caucasus.
Mar
27
Jan
31
High and rising levels of foreign currency indebtedness have been an important topic in Georgia over the past several years. To address this issue and protect borrowers from currency risks, the National Bank of Georgia (NBG), as well as the Georgian Government have implemented regulations to hinder excess indebtedness. Let’s have a look at the timeline (Figure 1) of recent lending regulations and the accompanying monetary policy measures and observe their impact on changing lending patterns in the Georgian economy.
Figure 1. Timeline of lending regulatio...
Dec
18
The topic of circular labor migration has recently received increased attention within the objective of reducing unemployment in Georgia. Circular migration Schemes (CMS) are widely recognized policy tools for reducing illegal migration and facilitating the return of emigrants to their countries of origin. The Georgian government’s increased interest and efforts to develop circular migration deals with EU member states serve, on the one hand, the long-term objective of addressing high level of unemployment, and, on the other hand, to reduce illegal, and ...
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