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Banking Sector’s Profits Grow

The Banking Sector’s Profits in last years Exceeded the 2001-2013 Profits Twice According to the National Bank of Georgia (NBG), in 2017 net profits of Georgia-based commercial banks (profits after profits tax) made up 870 million GEL, up 191 million GEL as compared to the 2016 indicators (+28%). Net profits …

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What to Expect from 2018 State Budget

Infrastructure, Education and Healthcare as Priorities of the 2018 State Budget. Total revenues of the 2018 state budget are planned at 12.4 billion GEL, including: tax revenues – 9.490 billion GEL (23.5% of GDP); the remaining part of revenues will be mobilized from other resources. This signifies 23 Tetri from …

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To Catch up and Surpass Belarus

According to IMF Forecast, by 2022 Georgia will Go Richer of Albania and Bosnia and Catch up Belarus. According to International Monetary Fund (IMF), Georgia’s GDP per capita will exceed 4.123 USD in 2017. As a result, for the first time in the 21st century, Georgia will move to the …

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Year of Economic Recovery – Key Economic Events in 2017

Georgian economy

After 2-year low economic growth, in 2017 Georgia’s GDP growth pace exceeded the planned indicator. It should be noted that in 2015-2016, along with currency crisis, economic growth in our country was under 3%. To be precise, GDP upturn in 2015 marked 2.9%, while the figure hit 2.8% in 2016. …

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Number of Insolvent Citizens in Georgia Grows

insolvency

Quantity of insolvent citizens rapidly grows in Georgia. The tendency has intensified in 2017. Over the past 10 months, the quantity of insolvent citizens rose by 23.5%. As of January 20, 2017 the Debtor Registry of National Enforcement Bureau registered 186 285 debtors, while currently the registry records 230 223 …

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Essence of Contributory Pension Reforms

Essence of Contributory Pension Reforms

Georgia  to Launch Pension System reformation in 3Q18. Government of Georgia plans to launch contributory pension reform implementation in the third quarter of 2018. Ministry of Economy has already published the corresponding bill. If the system comes into force, the special pension fund will manage the mobilized funds, accrue interest …

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Commercial Banks Rather Harm Economy than Benefit

When appointed as the National Bank President, Giorgi Kadagidze sharply criticized commercial banks and blamed them for frustrating economic development. However, the time passed and Kadagidze has never dared anymore to make sharp statements in relation to commercial banks. We have not heard sharp statements from the current president of …

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