These economies are booming as Putin’s war drives migrants and money out of Russia

Georgia — a small Caucasus nation on Russia's southern border — alongside Armenia and Turkey, has seen its economy boom amid an influx of Russians and their wealth.

- The IMF increased its 2022 growth forecast for Georgia to 10%, while the U.N. agency sees the economies of Armenia and Turkey growing 11% and 5%, respectively.

- The recent influx risks being a "boom turned bang," Mikheil Kukava, head of economic and social policy at think tank IDFI, told CNBC.

As many economies reel from the impact of Russia's invasion of Ukraine, a select few countries are benefiting from an influx of Russian migrants and their accompanying wealth.

Georgia, a small former Soviet republic on Russia's southern border, is among several Caucasus and surrounding countries, including Armenia and Turkey, to have seen their economies boom amid the ongoing turmoil.

At least 112,000 Russians have emigrated to Georgia this year, according to reports. A first wave of almost 43,000 arrived following Russia's…

This story appeared first on, 2022-11-25.
One-Stop Business News backed by Mark Cuban. Free to Use →