The International Chamber of Commerce in Georgia (ICC Georgia) published Georgia’s Foreign Economic Dependence Index (GFEDI). According to the document, in 2022, Georgia is way more dependent economically on Russia than it ever was in its history since Independence. The Economic Dependence on Russia fluctuated dramatically: 2003 (16%),2012 (9,1%) and 2022 (18,3%).
"Being 18% dependent on Russia for the economy (19% including income from foreign travel) is being on death row, considering that Russia is an enemy of Georgia, that it occupies 20% of its territory, that it went to war against Georgia in 2008, that it has no diplomatic relations with Georgia, and that it has closed its borders several times with Georgia over the past 30 years in an attempt to choke the Georgian economy and subdue the country", - the documnet reads.
The report notes, that the Economic Dependence on the USA in 2003 was (10%), in 2012 (4%) and in 2022 (7%), the increase between 2012 and 2022 can be explained by a sub- stantial increase in money flow and in imports, mainly used cars.
The Economic Dependence on the EU compared to the Grand Total stands consistent: 2003 (21%), 2012 (23,6%) and 2022 (23%).
The Economic Dependence on Turkey compared to the Grand Total stands consistent: 2003 (10%), 2012 (12,3%) and 2022 (12%).
Foreign Economic Dependence Index is calculated by adding together for each country in the survey the total of the following parameters: Imports + Exports + Money flow + FDI + Income from Foreign Travel (5 parameters).
Georgia’s Foreign Economic Dependence Index (GFEDI) is prepared by the International Chamber of Commerce in Georgia (ICC-Georgia), and will be computed quarterly to monitor on regular basis the foreign economic dependence of Georgia.
