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According to standard economic theory, labor is a good like any other, traded on the labor market. Like with all other markets, the price for labor, which is the wage, ensures that supply meets demand.
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It is a commonly accepted view that corruption is bad for economic growth. It leads to an inefficient allocation of resources by contradicting the rules of fair competition and by setting wrong incentives.
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The Consumer Confidence Index (CCI) attempts to capture the expectations of consumers about the future development of the economy.
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For the first time since 2007 Georgia is a net electricity importer. Last year the total electricity generated declined by 4% and a 1.3% increase in total internal demand was observed.
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On January 24, 2013, Robert Tchaidze, Senior Economist with the European Department of the IMF, delivered a presentation titled “Turkey: From Crisis to Recovery, 1999-2005.” The presentation covered the causes of the 2001 crisis, the anti-crisis programs undertaken by the Turkish government in cooperation with the IMF, and the country’s subsequent recovery.