2016 marked 20 years of BP’s successful partnership with Georgia, elevating the country’s role in the global economy and helping its economy and civil society. (We should note that BP has been instrumental in the creation of ISET. It was a key member of the initial donor consortium behind ISET with a core contribution of more than $2.3mln.) To celebrate this remarkable milestone, ISET hosted Mr. Chris Schlueter, Head of BP’s Georgian Section.

The ISET Economist Blog was recognized as one of the three most informative online media in Georgia at the award ceremony of the EU Prize for Journalism 2015. This prestigious prize is the first of its kind in Georgia to acknowledge excellence in written press, TV, radio, and social media reflecting high journalistic standards and contributing to a better understanding of European values.

The cost of cooking one standard portion of Khachapuri stood at 3.61GEL in January 2016. Compared to the previous month (December 2015) the Index lost 4.3%; in annual terms (compared to January 2015), it actually gained 6%.

Just like Duddy Kravitz, Georgian men (and women) appear to be reluctant to part with their parcels of land, however small and unproductive. Whatever the reason, Georgia sees almost no structural change out of agriculture, and, as a result, very low productivity and income growth for the poorest strata of its population. As of today, employment (or, rather, under-employment) in agriculture is a staggering 45% of Georgia’s total labor force.

The year 2015 was one of turbulence. It was a year in which the institutional foundations of the Georgian economy were tested. However, as our analysis shows, the country’s macroeconomic institutions exhibited remarkable resilience in the face of various shocks. This bodes well for future growth prospects. Thus, in the spirit of Lewis Carroll’s adage “take care of the sense, and the sounds will take care of themselves” we can give one piece of advice to Georgian policymakers: take care of the foundations, and the facade will take care of itself.