BAKU, Azerbaijan, April 30. Georgia’s dependence of remittances from Russia is expected to decrease, Moody’s Investors Service told Trend.
According to the source, around 17 percent of total remittances to Georgia in 2021 were from Russia, similar in scale to those from Italy (17 percent). Other key sources were the US (12 percent), Greece (11 percent), and Israel (8 percent). 15 other countries make up the balance (35 percent).
Thus, Moody’s forecasts further diversification away from Russia as a destination for migrant workers from Georgia, particularly as negative impacts of the Ukraine/Russia conflict ease.
“We expect limited impact of sanction imposed on Russia by the West on Georgia beyond the short-term – while Georgia is exposed to a structural decline in Russia’s potential growth rate due to sustained sanctions, it is less so than other regional economies,” Moody’s added.