War and Wealth: Unintended Economic Benefits for Caucasus Countries Amidst Ukraine Conflict

Clark Staff, an American-owned and operated, full-service BPO company located in St. Petersburg, Florida, opened its first satellite office in Tbilisi, Georgia, last June 21, 2022.

As the conflict continues in its second year, the number of refugees from affected countries pour into the region. This sudden influx of people increased the inflow of businesses and technology-sector professionals, strengthening the service sectors of Armenia and Georgia. 

The European Bank For Reconstruction and Development (EBRD) observed unexpected economic growth of 2.3% in the Caucasus region, including Georgia, Armenia, and Azerbaijan, in 2022. EBRD has noted increased foreign investment, and trade opportunities such as the potential for regional collaboration as key factors contributing to the growth of economies in the region.

Zack Williamson, CEO of Clark Staff, stated, “The ongoing conflict in Ukraine, as deeply tragic as it is, has unintentionally created a unique window of opportunity for countries in the Caucasus region. The increase in foreign investment and trade expansion has positively impacted both our business operations and the regional economy.”

Nonetheless, the ongoing situation in the region highlights the importance of addressing the current challenges, including political instability and the risk of conflict spillover, to sustain and capitalize on the current economic momentum.

Clark Staff is an American-owned and operated, full-service BPO company located in St. Petersburg, Florida, with locations in the Philippines, India, and the country of Georgia. Clark Staff offers a wide range of service solutions to companies of any size and industry. For more information, visit https://clarkstaff.com/.