Te economy expanded by 10.4 per cent in 2021 after a 6.8 per contraction in 2020. Te Ukraine war has impacted the economy adversely however and oil and food prices have increased with disrupted supplies from Russia and Ukraine.


Natural gas is Georgia’s main energy source and 99.5 per cent is imported. Georgia imports nearly all of its supplies of natural gas and oil and has faced chronic shortages in the past and supply interruptions. In 2006 Russia cut off gas and electricity supplies to Georgia as political tensions between the two sparked. Azerbaijan stepped in and state energy company SOCAR became the country’s main supplier. In addition, the country is currently renovating and building new hydropower plants. Te country is also


focusing on transportation projects, tourism, and agricultural reforms. It sorted its tax system out in 2004 after failing to collect tax properly and has cracked down on corruption.


Since 2012 the Georgian Dream led government has focused on low-regulation, low tax, and free market policies. In 2014 the country signed a Free Trade Agreement with the EU and in 2017 signed similar with China.


Meanwhile during the 2018 runoff presidential election Salome Zourabishvili, an independent candidate backed by the Georgian Dream, became the country’s first female president and replaced Giorgi Margvelashvili who had served since 2013. Te presidential role is largely ceremonial and was the last direct election of a


president as the country switched to a parliamentary system.


Zourabishvili was a former Foreign Minister in 2004 and had previously served as ambassador to France. Former president Mikheil Saakashvili was arrested in October last year on his return from exile. He led the country between 2004 and 2013 but was later convicted (in absentia) on corruption charges.


GAMBLING AND TOURISM


Georgia’s gambling market plays a pivotal role in the country’s economy. Te Georgian market has been a hub for neighbouring countries with little or no gambling and it has been run as a lucrative business working hand in hand with


WIRE / PULSE / INSIGHT / REPORTS P65


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