Georgia’s EU odyssey
A story from the January 2024 edition of The Steppe
Georgia’s EU odyssey
In the face of geopolitical complexities and internal political challenges, Georgia's attainment of EU candidacy signals a strong commitment within the European Union to strengthen Eastern Europe against Russian aggression.
Despite geopolitical and internal political challenges, including democratic backsliding, Georgia has thrived economically, with a 5.2% annual growth rate from 2010 to 2019, and a 10.1% GDP increase in 2022, accompanied by record tourism and investment. However, while the majority of Georgians favor EU membership, achieving candidacy isn't guaranteed, especially with internal politics and Russian sanctions-evasion.
For potential investors, Georgia's current growth trajectory may downplay the significance of its candidate status. The key contributors to foreign direct investment, the UK and the US, are non-EU countries. Ongoing positive trends in Georgian stocks and foreign direct investment signal a stable environment, reflecting investor confidence in the country's resilience against potential crises.