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.

ISET is pleased to announce that a paper by Professor Noberto Pignatti entitled “Encouraging Women's Labour Force Participation in Transition Countries”, has been published as part of the IZA World of Labour series, an international platform that produces evidence-based advice for policymaking.

In 2014, 22% of Georgia’s working adults reported having worked more than 40 hours per week, i.e. working overtime. This may not sound like a lot, but, as an average figure, it hides a great deal of geographic variation in the incidence of overtime work. Very few people work overtime in places where there are almost no jobs, such as Kakheti or Racha. Conversely, more than 50% work over 8 hours/day in the dynamically developing Tbilisi, and as many as 44% in the adjacent Kvemo Kartli.