Recently, Geostat has released the preliminary estimate of real GDP growth for the second quarter of 2022, which now stands at 7.1%.

Tamar Sulukhia, the Director of ISET and the ISET Policy Institute, took part in a discussion organized within the RECONOMY program. This online forum focused on the ways the Russian invasion of Ukraine has challenged the EU’s approach towards the future of Eastern Partnership countries, as well as prospects for EU integration.

Russia’s invasion of Ukraine has profoundly affected nearly every aspect of the global economy, from food and energy security to supply chains and financial markets. The World Bank (June 2022) estimates that the 2021 5.5% rebound global growth is therefore expected to drop to 2.9% y/y in 2022.

During the Russia-Ukraine the EU has become a clear example of how substantial reliance on a single country to satisfy energy needs can threaten nations’ economic development, and how challenging the task of achieving energy security is while substantially depending on a single country in key energy products.

Both Russia and Ukraine are among the top five export destinations for Georgia. Ukraine accounted for 9.5 per cent of Georgia's exports in January 2022, while Russia accounted for 12.9 per cent (prior to the Russian invasion of Ukraine on 24 February 2022).