Global recovery: tourism recovered quickly in 2022, almost identically everywhere. Georgia slightly lags global tourism recovery, as Russia-Ukraine war softened tourist arrivals mostly from EU countries. Tourism recovery in Georgia: tourism recov...

Russia-Ukraine War remains central to any global risk analysis but Europe-CIS accounts for less than 2% of MSCI EM index. But the region looms large (almost 30% weight) in MSCI FM index: Kazakhstan (9%), Iceland (9%) and Romania (7%). Top picks: Hung...

Growth: Growth accelerated in August, with economy expanding by 10.5% y/y and by 10.3% overall in 8M22. We maintain the 2022 baseline growth forecast at 9.2% and in optimistic scenario, we expect 2022 growth at 10.6%, if external inflows remain str....

Highlights, August 2022   Tourism recovery strengthened further in Aug-22, with revenues hitting another record high monthly figure, surpassing 2019 level by 26.7%.   Total international visitors stood at 742,247 persons – up 178.5% y/y and recoveri....

Another round in an old Armenia-Azerbaijan conflict, following what was always going to be a temporary ceasefire in 2020. But major foreign policy, domestic political, and economic changes since 2020 in the external actors, Russia and Turkey. Questio...

Growth: Economic growth remained robust, strengthening by 9.7% y/y in July, after growing by 7.2% y/y in previous month. Cumulatively, in 7M22, the real growth was 10.3% y/y. We maintain the 2022 baseline growth forecast at 9.2% and in optimistic sc....