Transfers from abroad stabilize macro economics
By Messenger Staff
Thursday, October 18Money transfers from abroad generally serve to stabilize the macro economic situation in the country. For instance, in the neighboring Armenia, much of its economic welfare depends on money transfers made by the Armenian Diaspora around the world. This model is similar for Georgia as well. Recently, due to the dire economic situation in Georgia, many citizens of the country left in search of stable work and appropriate salary. For the last 10 years, the money transfers from abroad in Georgia have increased, reaching in 2011 almost $1.2 billion. These transfers stabilize the local currency. While the investments in the country are not flowing at the desired level, money transfers to private accounts more or less stabilize the situation.