ADB: After the first wave of migrants Georgian economy improved - but it might be one time effect

29.09.22 17:00

Indeed, in the last few days the inflow of citizens from the Russian Federation to other countries in South Caucasus or Central Asia have increased quite a bit, for example, Kazakhstan estimates 100,000 migrants in the country, these developments are unfolding in front of our eyes, Lyaziza Sabyrova, Director of the Regional Cooperation and Operations Coordination Division in Central and West Regional Department, stated at the 55th annual meeting of the Asian Development Bank, in response to IPN's question about the impact of the mass influx of Russian citizens on the economy of Georgia after the announcement of partial military mobilization.


According to Sabyrova, after the first wave of migrants, the economies of the South Caucasus improved, but it might be a one-time effect.


"Perhaps it’s a little bit early to say what impact this inflows will have, but the first wave of migrants in our countries were mainly IT specialists, they came with some funds, established some enterprises, businesses and overall, South Caucasian, Georgian or Armenian economies improved and we upgraded the growth outlook of 2022 actually twice, up to 7%.


But it might be one-time effect and a lot depends on what in the economy of the Russian Federation will be happening. There is so much uncertainty as of now and the new wave of people are coming, we have different demographics, status, so a lot remains to be seen. But I am sure your eceonomists look for what impact it has on inflationary pressures, on housing, services, rents and so on. On the other hand, we also see quite a big inflow of tourists and I am talking about tourists not necessarily from Russia, even though Georgia is not yet to its pre-pandemic level of tourism, there is a revivial already. So what happens in the economy it will be impact of different factors, some of them will be working for pushing growth, economic and business activity and some others will be working opposite," Sabyrova said.



source: IPN 

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