Does Georgia have a well-developed financial sector? Certainly, the proliferation of bank branches and automated teller machines in the capital city of Tbilisi might suggest that it does. And yet, the data indicates that for a country of its size, Georgia has a relatively small financial sector.
It is an empirical fact that in market economies the economic activity shows cyclical patterns. The 19th-century French economist Clement Juglar is generally attributed to having formulated the first coherent theory of what are known as business cycles.
According to available data from the ministry of agriculture (MoA), by 1 May 2013, 400,000 hectares have been cultivated this year in Georgia, which means a 100% increase compared to last year and the highest figure, by far, since 2005.
According to the Biblical Book of Genesis, Adam ate the forbidden apple, and now we all have to face the consequences: men have to work “by the sweat of their face” and women have “in pain to bring forth children”.
We are very happy to host on our blog a commentary by Jacques Fleury, the person behind the resurrection of Borjomi and a key player in the Georgian wine industry.