The rental price index registered the sharpest annual decline in November 2014. Average rental and sale prices in Tbilisi continue to follow their long run trends. Average rental prices in Gldani-Nadzaladevi and Isani-Samgori have converged for two consecutive months.

On November 6, Vice President for Europe and Central Asia (ECA) Laura Tuck, Regional Director for the South Caucasus Henry Kerali, Program Leader for the South Caucasus Rashmi Shankar and other representatives of the World Bank Tbilisi Office visited ISET.

When Armenia entered the Russia-dominated customs union in 2013, fear spread among the Georgian public and policymakers. It looked as if Georgia would be economically squeezed in between Russia and Armenia, the latter being one of Russia’s staunchest allies in the region and, given its geopolitical dependency on Russia, sometimes seen as a little more than a Russian agent.

Based on the data from September, we have made the sixth update of the Q3 forecast. The Q3 growth forecast was revised upward from 2.2% to 4.1%. The third forecast for the last quarter of 2014 revised up from 0.4% to 1.1%

In a sense, life was relatively simple back in the Soviet Union days. Consumers had few choices, and material aspirations were limited to the unholy trinity of “apartment, car, and dacha”. That said, homo Sovieticus spent enormous amounts of time and energy chasing material goods ranging from potatoes to nylon stockings and cars.