The growth forecast for the 2nd quarter of 2016 was revised downward from 5.0% to 4.2%. Our first prediction of GDP growth for the third quarter is 4.3%. Meanwhile, Geostat has updated its GDP growth estimate for the first quarter of 2016. The Q1 growth rate stands at 2.3%, which is 0.6 percentage points below the forecast.

On Tuesday, May 24, Dr. David Ubilava from the University of Sidney gave a presentation entitled "The El Niño Southern Oscillation and Economic Growth”. Dr. Ubilava started the presentation with the definitions of such phenomena such as climate anomalies and weather and emphasized the importance of weather as a factor in agricultural production.

Following the collapse of the Soviet Union, the Georgian nation went through a process of rapid disinvestment and de-industrialization. It was forced to shut down industrial plants, sending scrap metal abroad, and workers into subsistence farming. Hunger has never become an issue thanks to the country’s moderate climate and good soil conditions, yet inequality and associated political pressures rapidly reached catastrophic dimensions, unleashing cycles of violence, undermining the political order, and inhibiting prospects of economic growth.

Policy Institute together with Japan Tabacco International (JTI) Georgia offers free of charge training program "Leaders in Development". The program is designed for policy makers, analysts, mid-level and senior executives from both public and private sectors. Senior decision makers as well as senior professional staff will find the program extremely useful for their work.

ISET President Eric Livny and head of the Private Sector Development Policy Center Sophiko Skhirtladze held a training session for the staffers of the European Integration, Economic Affairs, and other Committees of the Georgian Parliament regarding the Deep and Comprehensive Free Trade Agreement (DCFTA) with the European Union.