Human capital development is increasingly seen as the biggest driver of economic growth and the most powerful tool in the fi ght against poverty (World Bank, 2018). This idea is embodied in the World Bank’s new initiative - Human Capital Project, which is designed to stimulate more and better investment in human capital. As one of early adopter countries, Georgia is collaborating with the World Bank to build an evidencedriven strategy for accelerating progress in human capital outcomes.
Human capital development is increasingly seen as the biggest driver of economic growth and the most powerful tool in the fight against poverty (World Bank, 2018). This idea is embodied in the World Bank’s new…
In February 2019, in Georgia the hotel price index decreased by 1.7% compared to January 2019. In Tbilisi, the hotel prices decreased by 1.9%. The decrease of hotel prices in Georgia, can be linked to decreased number of tourists' trips. In February 2019, compared to January 2019, the number of international travelers trips in Georgia decreased by 11.2%, while among the international travelers, the proportion who stayed in Georgia for 24 hours or more (classified as tourists) decreased by 19%.The number of international travelers visiting Georgia in February 2019, compared to February 2018, decreased by 0.4%. However, of these international travelers, the proportion who stayed in Georgia for 24 hours or more (classified as tourists) increased by 5.1%. This was expected to have a positive effect on hotel price increases, however in February 2019, compared to February 2018, in Georgia the hotel price index decreased insignificantly by 0.4%. This was mainly due to price decreases of guesthouses. While, the 3-star, 4-star and 5-star hotel price index increased by 2.2%, for guesthouses, the price index decreased by 2.9%.It's worth to be mentioned that the revenue from international travelers amounted 3.2 billion USD in 2018. According to countries, the most revenue from international travelers was received from Russia - 26.3% (USD 842 mln), followed by Turkey - 13.7% (USD 437 mln), and EU countries - 12.3% (USD 394 mln). In 2018, compared to 2017, the shares of revenues from internationals travelers from Turkey, Ukraine, Armenia and Iran decreased, while shares of Russia, EU countries and Iran increased.
In this bulletin, we discuss exchange rate dynamics in the countries of the Black Sea region during the period of 2014-2018. In particular, the exchange rates of these countries’ currencies against the USD and EUR…
In January 2019, in Georgia the hotel price index decreased by 3.9% compared to December 2018. Among ten regions of Georgia and Tbilisi, in January 2019, compared to December 2018, the hotel prices increased only in Racha (1.3%). In Tbilisi, hotel prices decreased by 4.2%. In January 2019, compared to…
In the first quarter of 2019, Georgian economic climate slightly improved. In this period, Georgian economists assessed Georgia’s present economic situation positively. The assessment of present economic situation in this quarter has deteriorated compared with the first quarter of 2018; However, it has improved compared to the fourth quarter of 2018.
Increasing the employment rate represents one of the most significant challenges and priorities of the Georgian economy. This bulletin appraises trends related to employment for the period of 2014-2017.
In December 2018, compared to November 2018, in Tbilisi, the hotel price index increased by 11.9%. The growth rate of guesthouse prices (21%) significantly exceeded the growth rate of 3*, 4* and 5* hotel prices (9.3%). Notably, the given dynamics differs from the dynamics of the previous year, when the overall price level of hotels in Tbilisi increased by 12.5%, the 3*, 4* and 5* hotel prices rose by 15.1%, while guesthouse prices grew only by 3.6%.
In December 2018, compared to December 2017, the hotel price index increased by 1% in Georgia. The daily rates for standard double hotel rooms increased the most in Adjara (21.1%) and Samtskhe-Javakheti (14.8%). Whereas in Tbilisi, the overall price level of hotels decreased by 9.8%. This is mainly due to the price decreases in 3*, 4* and 5* hotels in Tbilisi. While the prices of 3*, 4* and 5* hotels decreased by 14.7% in Tbilisi, the prices of guesthouses increased by 9%.
It is of note that during the previous year, the number of 3*, 4* and 5* hotels registered on booking.com in Tbilisi grew by 46%, while the pool of registered guesthouses expanded by 19.1%.
• In November 2018, compared to November 2017, in Georgia the hotel price index decreased by 0.1%;• In November 2018, compared to November 2017, the daily rates for standard double hotel rooms decreased the most in Guria(-14.7%) and Kakheti (-13.6%);• In November 2018, compared to November 2017, the hotel prices in Tbilisi decreased by 8.9%;• In November 2018, the average cost of a room in each category was as follows: 3-star hotel room - 120 GEL per night; 4-star hotelroom - 221 GEL; 5-star hotel room - 489 GEL; guesthouse room- 63 GEL;• In November 2018, compared to October 2018, the hotel price index decreased by 11.2%.
Georgia was ranked 66th among 140 countries in the World Economic Forum’s Global Competitiveness Index1 in 2018.
During 2010-2018 Georgia’s position in the ranking was improving, except one year. In 2018, compared to 2017, Georgia’s position in the ranking improved by 1 place.
Among the so-called pillars measured to calculate the Global Competitiveness Index in 2018, Georgia scored best in terms of its labor market (31st place) while it was least competitive in
terms of market size (102th place).
Among the Central Asia and South Caucasus countries2 in 2018, Kazakhstan was the top performer in this Global Competetiveness Index (59th place), while Tajikistan held the lowest position in the index (102nd place).