Georgia (nation)

The region of present day Georgia contained the ancient kingdoms of Colchis and Kartli-Iberia. The area came under Roman influence in the first centuries A.D. and Christianity became the state religion in the 330s. Domination by Persians, Arabs, and Turks was followed by a Georgian golden age (11th-13th centuries) that was cut short by the Mongol invasion of 1236. Subsequently, the Ottoman and Persian empires competed for influence in the region. Georgia was absorbed into the Russian Empire in the 19th century. Independent for three years (1918-1921) following the Russian revolution, it was forcibly incorporated into the USSR until the Soviet Union dissolved in 1991. An attempt by the incumbent Georgian government to manipulate national legislative elections in November 2003 touched off widespread protests that led to the resignation of Eduard SHEVARDNADZE, president since 1995. New elections in early 2004 swept Mikheil SAAKASHVILI into power along with his National Movement party. Progress on market reforms and democratization has been made in the years since independence, but this progress has been complicated by Russian assistance and support to the breakaway regions of Abkhazia and South Ossetia. After a series of Russian and separatist provocations in summer 2008, Georgian military action in South Ossetia in early August led to a Russian military response that not only occupied the breakaway areas, but large portions of Georgia proper as well. Russian troops pulled back from most occupied Georgian territory, but in late August 2008 Russia unilaterally recognized the independence of Abkhazia and South Ossetia. This action was strongly condemned by most of the world's nations and international organizations.

Economical characteristics

 * Currency: Lari (ლ) (ISO code: GEL)
 * Central bank discount rate: 8% (25 December 2008)
 * Commercial banks lending rate: 22% (31 December 2009)
 * Stock of money (M1): $1.077 billion (31 December 2009)
 * Quasi money (with M1 makes M2): $1.606 billion (31 December 2008)

Notable events:

 * Banking crisis: 1991

Links

 * Georgia on Wikipedia
 * Central bank of Georgia
 * Country profile (pdf) from the Enterprise Studies page (part of the The World Bank Group)
 * Studies from the Library of Congress (1986-1998)
 * BBC country profile
 * Rose Revolution shows the results of freeing markets by Neil Emerick and Gia Jandieri, November 2013