An Economic Argument for Georgia’s Ascension into the European Union, 2018 This report was prepared by Economic Policy Research Center (EPRC) within the frames of the project “Assessing Effectiveness of the EU Association Action Plan for Export Diversification” supported by Open Society Georgia Foundation. 2018
Today Georgia is in the process of European approximation. The country has signed Deep and Comprehensive Free Trade Area (DCFTA) Agreement with the European Union (EU), which assigns it both responsibilities and obligations. Hence, it is of critical importance to analyze the economic opportunities following this process. It is equally important to assess how Georgia uses new openings and what needs to be done, in order for the country to share the best practices of the Eastern European countries, which have undergone the similar processes.
The project has two core aims: 1. To provide policymakers with reliable and objective analysis concerning the benefits of European Union membership across a wide variety of economic indicators, and 2. To forecast the economic benefits of European Union membership for Georgia. The benefits of European Union ascension are studied for twelve countries that joined between the years of 2004 and 2007 and are analyzed in comparison to comparable European countries that have not yet joined. In addition, a subset of seven of European Union countries which most closely resemble Georgia are analyzed in comparison to Georgia. A wide variety of economic indicators are studied. All data used comes from the World Bank, and all analysis is the author’s own. Graphs shown are author’s own unless otherwise specified. Analysis was conducted in Stata and python using pandas dataframe.
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