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ISET Policy Institute continues to update Georgian society about the current macroeconomic developments in the country. The highlights of its Macroeconomic Monthly Review of the Georgian Economy, December 2012 are as follows:
- According to GeoStat, year on year (y-o-y) economic growth in Georgia has been -0.8% in December and 2.5% in the 4th quarter. ISET Policy Institute’s last growth forecasts for the 4th quarter of 2012 (6.2%) had been quite optimistic compared to GeoStat estimates, potentially pointing to the fact that our model still omits some important exogenous shocks. Based on currently available information ISET Policy Institute’s growth forecast for the 1st quarter of 2013 stands at a moderate 5.4%.
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On January 24, 2013 Robert Tchaidze, Senior Economist with the European Department of the IMF, delivered a presentation titled “Turkey: From Crisis to Recovery, 1999-2005.” The presentation covered the causes of the 2001 crisis, the anti-crises programs undertaken by the Turkish government in cooperation with the IMF, and the country’s subsequent recovery.
Dr. Tchaidze began his talk by providing a brief economic history of Turkey from the 1970s to the 1990s. In the 1970s Turkey was a closed, state-controlled economy suffering from macroeconomic problems like inflation and unsustainable budget deficits.
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