Country of Georgia prospers with influx of Russians avoiding mobilization

 Reuters:

As war chokes Europe, a small nation wedged beneath Russia is enjoying an unexpected economic boom.

Georgia is on course to become one of the world's fastest-growing economies this year following a dramatic influx of more than 100,000 Russians since Moscow's invasion of Ukraine and Vladimir Putin's mobilisation drive to drum up war recruits.

As much of the globe teeters towards recession, this country of 3.7 million people bordering the Black Sea is expected to record a vigorous 10% growth in economic output for 2022 amid a consumption-led boom, according to international institutions.

That would see the modest $19 billion economy, well known in the region for its mountains, forests and wine valleys, outpace supercharged emerging markets such as Vietnam and oil exporters such as Kuwait buoyed by high crude prices.

"On the economic side, Georgia is doing very well," Vakhtang Butskhrikidze, CEO of the country's largest bank TBC, told Reuters in an interview at its Tbilisi headquarters.

"There's some kind of boom," he added. "All industries are doing very well from micros up to corporates. I can't think of any industry which this year has problems."

At least 112,000 Russians have emigrated to Georgia this year, border-crossing statistics show. A first large wave of 43,000 arrived after Russia invaded Ukraine on Feb. 24 and Putin moved to quash opposition to the war at home, according to the Georgia government, with a second wave coming after Putin announced the nationwide mobilisation drive in late September.
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The Russians who migrated to Georgia were apparently the more well-off.  Many of them were apparently entrepreneurs or techies.