These Economies Are Booming As Putin’s War Drives Migrants And Money Out Of Russia

  • Posted on November 25, 2022
  • News
  • By FC Team

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 invasion of Ukraine on Feb. 24, while a second wave — whose number is harder to determine — entered after Putin’s military mobilization drive in September.The country’s initial wave accounts for almost a quarter (23.4%) of all emigres out of Russia up to September, according to an online survey of 2,000 Russian migrants conducted by research group Ponars Eurasia. The majority of the remaining Russian migrants have fled to Turkey (24.9%), Armenia (15.1%) and uncited “other” countries (19%).The influx has had an outsized impact on Georgia’s economy — already on the up following a Covid-19 slowdown — and the Georgian lari, which has risen 15% against a strong U.S. dollar so far this

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