In this regard, we identified the main partner countries and placed the EU countries as an export market with a single set of rules of the game in one group, and obtained the following picture: after the signing of the DCFTA in 2014, the share of EU countries in Georgia’s exports increased markedly, reaching 28% in 2015, the highest level in the period from 2007 to 2022. [...] However, it is still possible to draw a general picture: In terms of the size of investments in financial and insurance activities in 2022, the United Kingdom (USD 433,5 million out of a total of USD 526,4 million) leads the list of countries, which is directly linked to the positioning of Georgian banks on the London Stock Exchange; The amount of investment in real estate activities in 2022 made. [...] As of 30 December 2022, the external debt of the state of Georgia made up USD 9,7 billion (GEL 27.6 billion 549 million), which amounts to 42.8% of the GDP.7 Of this, around USD 7,3 billion is the borrowing of the government of Georgia (31.9% of the GDP), USD 868.1 million is the borrowing of the National Bank of Georgia (3.8% of the GDP, of which USD 443.6 million are Special Drawing Rights from. [...] The period from 2007 to 2022 shows that most of the soft and long-term loans spent on the implementation of infrastructure, social, or other types of projects in the country, save the monies provided to the state budget and funds in the form of “grants” and therefore not reflected in the external debt, were taken mainly from democratic countries and financial institutions of democratic countries;. [...] Consequently, in that year, the change was seen not in the geography of remittances (Russia remained the main source), but in the quality of Russia’s democracy; soon thereafter, however, from 2012-2014, the dependence on authoritarian countries started declining, which, this time around, was related to the geographic factor: in 2014, Georgia signed the Association Agreement with the EU and the Dee.
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- 26
- Published in
- Georgia
