PMC Research

Ukraine’s Monetary Stability: Monetary and Exchange Rate Policy

This bulletin provides an overview of some of the most recent monetary and exchange rate policies adopted in Ukraine and analyzes their effectiveness by looking at three key monetary stability indicators: exchange rate, inflation, and reserves.

Hazelnut Production Sector in Georgia

Georgia is a significant contributor to the global hazelnut industry, ranking among the world’s leading countries in both shelled and in-shell hazelnut exports.

Employment Tracker (November, 2023)

The latest issue of Employment Tracker, produced in collaboration with Jobs.ge. The tracker produces valuable insights into the Georgian labor market as it lays out the trajectory of employment and salaries, most demanded job categories, and expectations of specific economic sectors regarding their employment plans.

Emigration and the Effect of Remittances on the Georgian Economy (2013-2022)

This bulletin provides a comprehensive understanding of Georgia’s emigration trends and the role of remittances in the Georgian economy.

Monthly Tourism Update (October, 2023)

The newest issue of Monthly Tourism Update covers the trends in Georgia's international visits and the country's surging international travel income.

Issue 5: Macro Overview

Issue 5 of the Macro Overview thoroughly explores different aspects of the economy in Georgia and beyond.

BAG Index (Q3, 2023)

The BAG Index summarizes the BAG Business Climate, BAG Employment Barometer and BAG Investment Environment, which are calculated according to the assessments of the top managers of BAG member businesses and companies in their corporate group.

Georgian Economic Climate (Q3, 2023)

In this bulletin, which is based on the ifo Institute’s methodology, we discuss Georgia’s economic climate according to assessments made by various Georgian economists.

Employment Tracker (August, 2023)

The Governance Model of Higher Education Institutions (HEIs) and External Mechanisms of Educational Quality Development in Georgia

The study analyzes the development of the governance model of higher education institutions (HEIs) in Georgia and external mechanisms used to evaluate the quality of education in Georgia in relation to the policies and processes currently prevalent in European education systems.

Diversity and Gender Equality Plan

PMC Research is committed to create an inclusive working environment at all levels, give equal opportunity to all employees and job applicants.

News

Fostering Local Tourism Development

15-Nov-2023

At the “Standards in Tourism” annual international conference, Dr. Giorgi Khishtovani, Director of Research and Analytics at PMCG, delivered a talk on local tourism development through business cluster creation. Significantly, the event brought together tourism professionals from across the world to discuss standards and regulations in the industry. Drawing from experience with the EU-supported tourism cluster in Oni municipality, Khishtovani shared valuable insights on fostering economic growth at the local level.

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New Research Fuels Georgia's Public Administration Reform

10-Nov-2023

On October 20, PMC Research revealed the results of the “Challenges and Forms of Labor Relations in Georgia's Public Service” study. It examined the challenges faced by state agencies regarding various forms of labor relations, and embraced the perspectives of multiple stakeholders.

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Study Tour Strengthens Oni Municipality: Exchanging Expertise with Latvia's Enter Gauja Cluster

19-Oct-2023

On 3-8 October 2023, with EU support, a delegation representing the Oni Tourism Cluster, Oni Municipality City Hall, and PMC Research visited Gauja National Park, Latvia. During the visit, experiences were exchanged with the Enter Gauja Cluster. Importantly, the study tour was part of the EU-funded “Economic Development of Oni Municipality via Business Cluster Creation and Investment Attraction” project.

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EU Supports Georgian and Romanian Agri-food Clusters to Share Experiences on Study Tour

05-Sep-2023

On 24-28 July 2023, with EU support, a delegation representing the Oni Food Industry Cluster, Oni Municipality City Hall, and PMC Research visited Cluj-Napoca, Romania, to exchange experiences with the AgroTransilvania Cluster. The study tour was part of the EU-funded project “Economic Development of Oni Municipality via Business Cluster Creation and Investment Attraction.”

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The EU Provides Strong Backing for Enhancing Oni Municipality’s Representation in Attracting Foreign Direct Investment

01-Sep-2023

On July 17-21, PMC Research, with EU support, conducted training sessions on foreign direct investment (FDI) attraction for representatives of local governments of Oni municipality. The training was part of the EU-funded “Economic Development of Oni Municipality via Business Clusters Creation and Investment Attraction” project. The training aimed to improve the capacities of local officials in making the municipality more visible and attractive to potential investors.

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Periodic Issues

Issue 21: Ukraine’s Monetary Stability: Monetary and Exchange Rate Policy

05-Dec-2023

Since Russia’s invasion of Ukraine on 24 February 2022, Ukraine has adopted various measures and policies to support business and economic activities in the country. Alongside fiscal policies as well as business and labor support programs, monetary regulations have played a crucial role in ensuring the resilience of its wartime economy. The National Bank of Ukraine (NBU) has been efficiently responding to monetary developments, implementing effective actions to maintain the country’s monetary stability. This bulletin provides an overview of some of the most recent monetary and exchange rate policies adopted in Ukraine and analyzes their effectiveness by looking at three key monetary stability indicators: exchange rate, inflation, and reserves. UKRAINIAN PUBLICATION

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Hazelnut Production Sector in Georgia

30-Nov-2023

Georgia is a significant contributor to the global hazelnut industry, ranking among the world’s leading countries in both shelled and in-shell hazelnut exports. Nearly all (97.9%) Georgian hazelnuts are produced in the following five regions: Samegrelo (42.2%); Guria (20.7%); Kakheti (12.9%); Adjara (12.0%); and Imereti (10.5%). Among these regions, the price of hazelnuts is highest in Kakheti, followed by Samegrelo and Imereti. Most of the hazelnuts produced in Georgia are exported. The leading importer countries of Georgian hazelnuts are Italy and Germany.

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Employment Tracker (October, 2023)

27-Nov-2023

In October 2023, the number of persons receiving a monthly salary increased by 5.1% compared to the corresponding period of 2022. In October 2023, the share of persons receiving a monthly salary up to 600 GEL amounted to 17.9%, which was 4.6 percentage points less than the corresponding period of 2022. In October 2023, the share of persons receiving a monthly salary of 9,600 GEL and more amounted to 1.9%, which was 0.3 percentage points more than the corresponding period of 2022. In 2023, from May to October, the total number of vacancies published on jobs.ge amounted to 45,954, which was 5.1% higher compared to the corresponding period of 2022.

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Issue 146: Emigration and the Effect of Remittances on the Georgian Economy (2013-2022)

20-Nov-2023

Georgia is considered a country of emigration. Since the mid-1990s, emigration from the country has been largely defined as labor migration, with Georgian citizens seeking better prospects abroad to ease persistent socio-economic challenges at home, including high unemployment, widespread poverty, and low wages. A distinctive feature of this trend is that a significant proportion of Georgian labor emigrants choose to reside and work illegally in their host countries. Meanwhile, for Georgians who opt to emigrate, their primary motivation for doing so is to earn enough to support their families back in Georgia to whom they send remittances to alleviate economic hardships. This bulletin discusses Georgia’s emigration trends and the role of remittances in the Georgian economy at macro and micro levels over the last decade.

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Monthly Tourism Update (October, 2023)

14-Nov-2023

In Q3 of 2023, the number of international visits reached 2.3 million visits, recording a 21% YoY increase, however, only reaching 83% of visits in Q3 of 2019. Among the top countries of origin for international visits, in the following periods, visits from Israel are expected to decline due to geopolitical issues. However, visits from China are set to increase gradually with the new visa-free policy. Additionally, India’s tourism market remains promising, despite some border crossing challenges for visitors. In Q3 of 2023, income from international travel reached USD 1.4 billion, which significantly surpasses the pre-pandemic number by 28%, however, showing an incremental 5% rise compared to Q3 of 2022. In October 2023, compared to October 2022, the Hotel Price Index (HPI) in Georgia decreased by 11.1%, with the yearly HPI at its lowest under the “guesthouses” category (-18.7%). Meanwhile, compared to September 2023, the HPI in October 2023 dropped by 11.3%.

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Policy Papers

Challenges and Forms of Labor Relations in Georgia's Public Service

07-Dec-2023

The study examines the challenges faced by state agencies regarding various forms of labor relations, and embraces the perspectives of multiple stakeholders. The study had two primary objectives: to analyze common challenges related to labor relations among civil servants; and to assess the need to identify additional categories of personnel within state agencies that might require specific regulations. Based on the research findings, the study issued recommendations to tackle the challenges highlighted. The research was conducted with the support of UNDP and the UK government, with the aim of promoting cooperation between civil society organizations (CSOs) and state institutions regarding ongoing public administration reform topics.

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Household Income and Income Inequality in Georgia ( 2013-2022)

19-Sep-2023

This paper provides a comprehensive understanding of household income distribution in Georgia. It presents an analysis of income inequality beyond the traditional Gini coefficient by examining additional dimensions of income distribution. More precisely, the paper compares the income of different segments of society, household income in rural and urban areas, and between regions.

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Determining the Prime Cost of Railway Transportation and Identifying Variable Components

30-Aug-2023

This paper set out to provide transportation planners and policymakers with a systematic process through which to estimate costs representative of the area and service in question and to ease their analysis and decision-making procedures. Although the methodology presented herein is not meant to replace the in-depth and detailed feasibility studies or professional railroad planning activities, it can be used as an intermediate tool to allow planners to more easily perform railroad analysis and planning activities, prior to contracting out feasibility studies. Finally, should this research be further developed, it ought to address other categories of railway services, such as intercity and high-speed trains.

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Inflation and Monetary Policy in Black Sea Countries

24-Aug-2023

Since mid-2020, when stringent restrictions were imposed to combat the spread of the COVID-19 pandemic, inflation has been running at multi-decade highs in many countries across the globe. In 2022 in particular, inflationary pressures from pandemic-related disruptions were exacerbated by the Russo-Ukrainian War and spiking food and energy prices. In response, central banks implemented different monetary policy approaches in an attempt to stabilize the situation. Against this background, recent inflationary trends and monetary policy approaches adopted by economically diverse Black Sea countries are analyzed and compared in this issue of Black Sea bulletin.

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Total Defense: The Strategy On How To Defeat Strong

02-Aug-2023

Russia’s full-scale military aggression and the ongoing war in Ukraine have led to a fundamental overhaul of the West’s defense and security policy and practice. In addition, a large-scale conventional war on European soil and the successful defensive operation of Ukraine has prompted defense and security professionals to reconsider the importance of total (comprehensive) defense. The total defense system was established during the Cold War in non-NATO member states that faced threats from a superior adversary. The concept has adapted to new security challenges and evolved from a comprehensive defense system to a comprehensive security model. Since 2017 Georgia has been trying to build its defense and security system on the principle of total defense. However, it has not yet approved the necessary political and strategic guidelines, conceptual framework, implementation plan, and assigned resources. Based on the Baltic and Nordic States case study, the paper identifies the critical conditions for implementing an effective and efficient total defense system and assesses the state of play in Georgia consistent with the case study’s findings.

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