The economic crisis in Georgia - the economic crisis in Georgia in 2008-2010 , which occurred against the backdrop of the global economic crisis .
The course of the crisis
The global economic crisis that has developed since the beginning of 2008 has affected the economy of Georgia. [1] Since spring 2008, problems with financial resources have arisen, investment activity has fallen, consumption has decreased. [one]
In October 2008, Western countries allocated $ 4.5 billion in financial assistance to Georgia, of which $ 2.5 billion was a long-term loan, and $ 2 billion was a grant . [2] According to some experts, this assistance has played a major role in preventing the collapse of the Georgian economy. [1] [3]
At the end of 2008, GDP increased by 2.1%, [4] the inflow of foreign direct investment decreased by 22% (to $ 1.564 billion). [5] For the first three quarters of 2009, $ 505.2 million of direct foreign investment was received. [five]
At the end of 2009, GDP dropped by only 3.8%, which was a slight decrease in the world (compared to: Ukraine –14.8%, Russia –7.8%, Armenia –14.2%) [54] . Moreover, a significant part of this fall is associated with the consequences of the Georgian-Ossetian war . [6] Industrial production for the same year fell by 8.5%. [four]
Notes
- ↑ 1 2 3 The Georgian economy was saved by war // Business Georgia, November 18, 2009
- ↑ Food price increase expected in Georgia // Kavkazsky Uzel, December 7, 2009
- ↑ Year of "lean cows" in Georgia // Caucasus Bulletin, January 17, 2010
- ↑ 1 2 Factbook: Georgia // CIA
- ↑ 1 2 Foreign Direct Investments // Geostat.ge
- IA CIA - The World Factbook - Country Comparison :: National product real growth rate // CIA; 200 place out of 213 in terms of GDP