• Selected participants of the Data Bootcamp undergo a two-week training at TBC’s Data Academy in Batumi and Tbilisi.

Established in 2023, the academy focuses on raising awareness of Data and Artificial Intelligence, fostering Data Literacy, and nurturing talent in the field. The initiative aligns with TBC’s priority direction of Data & AI.

Managed by Nutsa Abazadze, TBC’s strategic projects manager in the data analysis and management department, the Data Bootcamp project offers participants a two-week internship within TBC’s team. This experience allows them to witness data processing in a leading company, understand the specifics of the work, and interact with top specialists in the field. Abazadze believes this exposure is pivotal in shaping participants’ careers.

Implemented with support from the TBC Education Program and organized by the Georgian Innovation and Technology Agency (GITA), Data Bootcamp engaged individuals with over 15 years of programming experience interested in Data Science. The initiative began in Gurjaani Technopark, expanded to Batumi and Zugdidi, and concludes in Tbilisi Technopark. In total, 400 young people participated, receiving training and mentorship in artificial intelligence (AI) and machine learning (ML) during a 7-day intensive course.

• TBC concept hosts the UK Bridge international education exhibition

The UK Bridge International Education Exhibition 2024, supported by TBC Concept, is scheduled for March 2, from 12:00 to 18:00. Explore diverse programs, enrollment procedures, prices, and opportunities offered by UK Bridge partner schools and universities. Representatives will provide on-site consultations to help you choose a suitable institution. Featured institutions include summer schools, boarding schools, and universities from the UK, Italy, Spain, Germany, Switzerland, and more.

Attendees at TBC Concept have the chance to win prizes through a draw, including a free 3-month IELTS course, a 3-month adolescent course, and a 2-week summer course in Great Britain for teenagers (11-14 years old). To participate, pre-register by 12:00 on March 2 at https://www.conceptevents.ge/.

Additionally, TBC Concept visitors enjoy a 5 to 10% discount on summer courses from participating schools. The exhibition takes place at TBC Concept multifunctional space, Marjanishvili 7.

• Self-Employed Loans with Tailored Conditions from TBC

TBC presents an exclusive opportunity for self-employed individuals to secure a loan customized to their needs, featuring simplified and enhanced conditions.

Whether you are employed or self-employed, if you have maintained at least 5 deposits totaling not less than 300 GEL over the last 6 months, you are eligible for a swift consumer loan.

This versatile loan can be utilized for any purpose, allowing you to fulfill a range of desires such as travel, vacations, or the purchase of goods.

Loan amounts range from 500 to 30,000 GEL, determined by your monthly income. The nominal interest rate commences at 12.25%, with an effective rate starting at 15.5%.

It is important to note that individuals aged 20 to 65 years can avail themselves of this loan for a duration spanning from 6 to 48 months.

Self-employed individuals across various professions and trades, whose income is credited to a TBC account for any purpose, from any source, are eligible to apply for this loan.

For further assistance in obtaining a loan or if you have additional inquiries, please reach out to us at our branch or contact our service center at *2727.

• TBC Capital Unveils 2024 Macroeconomic Outlook with Five Key Topics

TBC Capital has released its projections for 2024, highlighting five key topics crucial for TBC business partners. As TBC Capital enters a new research-focused phase, it aims to address specific business queries amid growing partner demand for decision-making assistance.

The business climate in Georgia for 2024 will be shaped by the complex geopolitical environment, election dynamics worldwide, changes in migration patterns and workforce availability, as well as interest rates and inflation.

Geopolitical Challenges

From 2023, heightened geopolitical tensions in the region pose additional challenges. The Israel-Hamas conflict, though initially a risk for Georgian tourism, has had a diminishing impact. TBC Capital notes an 18% annual increase in Israeli tourists’ spending in Georgia as of January 2024. To mitigate the conflict’s impact, there is a need to enhance marketing efforts for tourist facilities, especially in Batumi, targeting lucrative markets in Europe and Asia.

The Red Sea crisis, affecting global inflation, will increase shipping times by 25-30% in 2024, with container shipping costs 2.5-3 times higher than in December 2023. This crisis disrupts Georgia’s supply chain, leading to increased transportation times and costs. Importers face challenges in maintaining prices, depending on the crisis’s duration.

Election Dynamics

In 2024, 46% of the world’s population will influence the political and economic trajectory for the years ahead. Biden’s policy leans towards moderate foreign trade protectionism, while Trump’s policy favors strong protectionism, posing potential risks to NATO. While exchange rate fluctuations are not expected in the base scenario, hedging currency risks becomes crucial for resilience to unforeseen circumstances.

Migration Changes in Georgia

In 2023, 17% of migrants from Russia departed Georgia.”

Due to increased migration, Tbilisi’s average monthly apartment rent has risen to $800, surpassing that of capital cities in Turkey, Estonia, Slovakia, Latvia, Hungary, Kazakhstan, Romania, Bulgaria, and Bosnia and Herzegovina. In 2024, TBC Capital anticipates a 5.6% economic growth and a steady exchange rate, despite some migration outflows.

The flow of migrants to Georgia in 2024 is projected to be offset by the strengthening of tourism and increased local consumption. In comparison to 2023, the percentage of migrant expenditures in clothing retail is expected to decrease from 4.3% to 3.0%, in technology from 2.4% to 1.7%, and in the FMCG sector from 2.2% to 1.6%. Simultaneously, TBC Capital predicts a 16% growth in the turnover of the clothing sector, 13% in the hardware sector, and 10% in the FMCG sector for 2024.

The average selling price of residential areas in 2024 is anticipated to decrease compared to 2023, ranging between $1000-1200. Migration will account for 19% of this decrease, a decline from the 28% impact on apartment prices in 2023. The average rental price per square meter of residential space in 2024 is expected to be $10-12, with migration contributing to 54% of this figure, down from the 72% observed in the previous year.

When strategizing real estate sales, it is crucial to consider the temporal aspects of migration flows.

Labor Shortage

Persistent challenges related to the labor shortage in Georgia stem from an aging population, personnel outflow, and a low birth rate. Over the past 5 years, the country has experienced an average 0.2% decrease in its labor force, coupled with a 10% increase in the average salary. Sectors witnessing significant salary growth include Information and Communication (+17%), Education (+12%), Industry (+12%), and Construction (+12%). The year 2024 is expected to witness an influx of labor force from lower-income neighboring countries to address the shortage.

In the construction sector, Georgia offers a higher monthly salary compared to Azerbaijan, Turkey, Armenia, and Uzbekistan. Similarly, in trade, accommodation, and food delivery, monthly salaries in Georgia surpass those in Azerbaijan, Armenia, and Uzbekistan. Within the agriculture and information and communications sectors, Georgia’s monthly salaries outpace those in Azerbaijan and Uzbekistan.

The labor shortage in Georgia is anticipated to persist, with the proposed solution being the utilization of the workforce potential from low-income neighboring countries.

Interest Rates and Inflation

In 2024, global central banks are expected to decrease monetary policy rates.

Macroeconomic Trends

TBC Capital’s forecast for macroeconomic indicators in Georgia in 2024 is as follows: