The average Sale Price (ASP) for residential properties has fallen consistently over last 3 months, to its current level of USD 836 [GEL 1829]. ASP rose to a year-high of USD 900 [GEL 2159] in December 2015 and fell to a year-low of USD 836 [GEL 1940] in August 2015 and June 2016. Appreciation of GEL since February 2016 exerted downward pressure on prices expressed in local currency decreasing at faster rates compared to prices in USD.

On the cusp of its tenth anniversary, ISET welcomed its latest batch of students, scheduled to graduate in 2018.

Developing Econometric model for Stress Testing and interpreting the results. TBC Bank contracted ISET-PI to work on Economic Capital Stress Testing Methodology, which includes but not limited to developing Stress Testing Econometric Model.

The growth forecast for the 2nd and 3rd quarters of 2016 were revised upward by 0.5%. They now stand at 4.7% and 4.8% respectively. Based on the available data, we expect annual growth in 2016 to be 3.7%. This is our “middle-of-the-road” scenario (based on the average growth in the last four quarters). Annual real GDP growth is predicted to be 2.9% in the worst-case or “no growth” scenario, and 4.4% in the best-case or “average long-term growth” scenario (see our January 2014 and February 2014 publications for a note on methodology).

On Friday, July 15th, Professor David D. Friedman of Santa Clara University gave a presentation entitled “Market Failure Considered as an Argument both for and Against Government”. Professor Friedman is one of the leading libertarian thinkers in the USA and, together with Murray Rothbard, the most influential proponent of so-called anarcho-capitalism.