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Georgia is flooded with cheap Turkish products: tasteless winter tomatoes, clothes, construction materials, you name it. Turkish goods are everywhere – in specialized shops in central Tbilisi, supermarkets, and the Eliava Bazroba.
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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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Can Georgia stimulate investment in electricity-intensive sectors by providing cheap electricity? To answer this question one has to first analyze the behavior of the wholesale electricity market during the past 3 years.
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During the past 18 months, Georgian consumers have been enjoying an unprecedented period of price stability. Ever since May 2011, when inflation peaked given the state of frenzy in the global commodity markets, inflation has literally come to a halt: since early 2012, monthly inflation rates are fluctuating around the zero trends.
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As Harry S Truman once noted – “It's a recession when your neighbor loses his job; it's a depression when you lose your own”. While Georgia was able to grow its economy, this growth did not trickle all the way down.