As war chokes Europe, a small nation wedged beneath Russia is enjoying an unexpected economic boom. | Reuters
“On the economic side, Georgia is doing very well,” Vakhtang Butskhrikidze, CEO of the country’s largest bank TBC, told Reuters in an interview at its Tbilisi headquarters.
The European Bank for Reconstruction and Development , for example, predicted in March the Ukraine conflict would deal a major blow to the Georgian economy. Likewise the World Bank forecast in April that the country’s growth for 2022 would drop to 2.5 percent from an initial 5.5 percent. Now, though, Georgia’s economy is reaping the benefits of its proximity to the superpower – the two share a land border crossing – and a liberal immigration policy which lets Russians and people from many other countries live, work and set up businesses in the country without needing a visa.
Georgian Nana Shonia, 19, agreed a two-year deal for a city centre apartment at $150 a month, just weeks before Russia invaded. In July, her landlord kicked her out, forcing her to move to a rough neighbourhood on the edge of the city. University figures have also reported significant numbers of students delaying their studies in Tbilisi because they can’t afford accommodation in the city, Keshelava at ISET said.TBC’s Butskhrikidze said he saw potential in the new arrivals to fill skills gaps in the Georgian economy.
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