Georgia Economic Policy Against the Challenges Caused by the Pandemic (original) (raw)
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Expert Opinion, 2021
Among the many problems caused by the coronomic crisis is the quick and substantial growth of the public debts of states. This problem is pressing for Georgia as well. In order to overcome the problems caused by the COVID-19 pandemic, the Government of Georgia managed to attract external debt with the amount of USD 3 billion in spring 2020, half of which will be taken by the government itself and the other half by the private sector. The government was forced to take this step in order to at least partially alleviate the social and economic problems in the country.
Pandemic era and its impact on the investment and business environment – Georgian case
Access Journal - Access to Science, Business, Innovation in the digital economy, 2022
In the modern world, which is experiencing more globalization, the entrepreneurship and its development are important. Business at the modern stage is one of the most promising areas to stimulate the economy, business support and its perfection should be one of the main priorities of the state, because as a result of its development the country develops both economically and socially. Objectives: To clarify what kind of impact did the pandemic have on previously mentioned issues and what were other development hindering factors. A study was conducted to analyze the situation of small and medium business sectors, which aims to identify the problems that Georgian entrepreneurship is facing today Methods/Approach: Both qualitative and quantitative studies carried out in business sector in Georgia Results: The results gained within the study and further recommendations significantly define the role of small and medium-sized business sectors for Georgia. The paper gives us a clear conception on the current situation and enables us to make relevant conclusions based on the obtained results.
The Coronomic Crisis and Some Challenges for the Georgian Economy
GFSIS, Expert Opinion, No. 136, 2020
The current situation in the world has inverted the perspective, showing us that the coronavirus and its global spread are already causing a widespread economic crisis. Today the economy is a hostage to medicine. The spread of the coronavirus has given rise to ideas that oppose free trade although it is clear that precisely in times of pandemics those countries that oppose globalization will suffer more. Given the fact that the pandemic is a global phenomenon and the Coronomic crisis is a threat to the whole world, isolationism and de-globalization are obviously a disastrous way for the world economy. On the contrary, in the post-crisis period it is necessary to diversify value chains and supply chains which should reduce potential risks. The diversification of value chains and supply chains will give to Georgia chances to use its geographic location and free trade agreements with EU and China.
Challenges of Economic of Georgia: Good and Bad Economic Growth
European Journal of Economics and Business Studies, 2019
The Georgian economy has been undergoing serious transformations over the years. The reforms carried out by the government affected all spheres of the economy - health care, education, industry, the military-technical complex, etc. The annual growth of the economy is approximately 4.8%. The EU, partner developed countries and donor international organizations allocate huge financial resources for the implementation of the changes planned by the government. Despite this, the economy of Georgia is in a difficult situation. The reason of economic stagnation in which the country has been for years is an extensive vector of development of the national economy. Investment projects carried out in the country in recent years are extensive in most cases. These projects are aimed at increasing current profits. They mostly are not oriented to long-term perspective. Intensification projects based on scientific and technical progress that are capable to change the level of production qualitative...
GEORGIA'S ECONOMIC GROWTH FORECASTS ON THE BACKGROUND OF THE GLOBAL FINANCIAL CRISIS
The impact of the global economic crisis is different Towards different countries. It depends on how each country is integrated into the world economic process, which includes the country's economic dependence on export-import, existence of transnational companies, and the economic situation in neighboring countries. Its geopolitical location is also important, if the government has worked out economic threat mechanisms and measures. One of the strategic goals of the ongoing reforms in the country should be the root transformation of the economy. We must not forget that modernization of economy first means efficiency of governance management and enterprise management. It is very important to implement the complex management of the economy, which means the integration of macroeconomic and microeconomic management. Considering future demands and interests. As for Georgia, it must have a clearly defined anti-crisis program as a prevention of expected crises and, therefore, to avoid its negative consequences. The main place in the anti-crisis program should be the development of national production and replacement of imported products with local goods. It is necessary to develop a monetary credit policy that will support minimal bank interest rates to stimulate business development and create new jobs.
Georgian Labour Market during the Coronavirus Pandemic
2021
Research background: The paper analyzes and assesses the current situation in the Georgian labor market in the conditions of the pandemic. The article discusses the current, post pandemic state of the labour market in Georgia and the outcomes, impacts of Covid-19 on socio-economic situation.Purpose of the article: According to the present situation, it is necessary to create institutions and mechanisms that will ultimately provide the public as well as private sectors with highly qualified workforce, increase the efficiency of organizations and at the same time reduce unemployment. Since the progress of the labour market hinges crucially on higher education systems, it is necessary for educational organizations to take decisions and specific actions in accordance with the challenges of the global environment. One of the main priorities of the “Georgia 2020” strategy is the development of human capital.Methods: In the article the above-mentioned issues are discussed based on the stat...
COVID-19 AND RELATED GOVERNMENT REGULATIONS’ IMPACT ON EMPLOYMENT IN GEORGIA
D. A. Academy of Economics - Svishtov, Bulgaria. ISSN 0861-6604, 2023
Due to the pandemic, 2020 became one of the most memorable years in the world history. It affected employment as well. Georgia was one of the countries which experienced the pandemic impacts on its citizens. The unemployment rate increased by 2,1% within a year and reached 20,6% in 2021. Despite state regulations and restrictions, Georgia was among the most vulnerable countries to COVID-19 spreading. It caused severe results on employment and the whole economy. The paper aims to define and analyze the impact of COVID-19 and related state regulations' impact on employment in Georgia as well as to identify the tendencies based on the qualitative analysis of the surveys conducted in Georgia. The existing literature and available information on the impact of COVID-19 on the economy and employment is reviewed. Comparative analysis of the EU and Georgian state regulations related to COVID-19 is provided. Data used in the paper is of secondary type. Graphs are used to visualize data, and analysis of statistical observation is applied. Georgian researcher's findings are also used. Significant evaluations and analyses are drawn depending on the collected data relating to COVID-19 impact on the economy, employment and people's perception. Some authors' predictions are presented as well.
Central Asia and The Caucasus, 2020
In the global fight against COVID-19, some success stories are truly surprising, as are some failures Some of the successful countries are in such volatile regions of the world as the Caucasus Perhaps one of the most surprising success stories in the fight with the novel coronavirus has taken place in the Republic of Georgia In executing its response, its national government has closely followed the advice and suggestions of a triumvirate of specialists composed of a doctor, a public health official, and a specialist in infectious diseases Frequently harassed by its neighbor to the north, Russia, the former Soviet republic is not known for its effective political leadership Quite the contrary, its leadership has often been fractious and disorganized However, in dealing with the current pandemic, they have shown good organization and leadership and have managed to rally the entire country for the cause Two main factors have helped Georgia in this fight In 2011, with the help of the United States, the country opened a new center for public health research named after former U S Senator Richard Lugar The Lugar Center, as it is commonly known, is one of the best laboratories in the world for biomedical and biosafety research This lab has played the leading role in Georgia’s fight against COVID-19 The second factor is an odd organization of the executive branch of the Georgian government Composed entirely by appointed officials, the Georgian executive government members owe their allegiance to an informal group of politicians known as “the ruling team,” headed and sponsored by the chairman of the ruling party While in many other countries the public health officials had to tiptoe around political priorities of the governments, the Georgian team was not only tasked with fighting COVID-19 but was also put in the driver’s seat by “the ruling team" © 2020, CA and C Press AB All rights reserved
Georgia's economy: post-revolutionary development and post-war difficulties
Central Asian Survey, 2009
The article discusses the problems of the successes and the failures of Georgia's postrevolutionary economic development. Amongst the positive results, the significant increase of national budget revenues and the overcoming of the energy crises should be emphasized, both of which were achieved by the fight against domestic internal corruption. At the same time, mistakes in terms of both the building of a democratic state and economic policy were made. Making the judiciary an appendage to the General Prosecutor's Office and the executive branch, the government's control of the media and its defiance of property rights, including extra-judicial decisions to demolish privately owned residential houses, are among the most serious errors of Georgia's post-revolutionary development. Despite its anti-Russian rhetoric, the new government has openly welcomed Russian investments into Georgia's economy. After the Russian aggression and under the impact of the global financial crisis, Georgia finds itself in a more complicated situation. International financial aid of US$4.55 billion, which was pledged at the international donors' conference held in Brussels in October 2008 for the reconstruction of post-war Georgia, may enable the country to avoid the banking and currency crisis.
THE INFLUENCE OF GLOBAL FINANCIAL CRISIS ON GEORGIAN ECONOMY
itchannel.ro
Nowadays, all eyes are turned to world financial crisis and its negative aspects. Particular emphasis is placed on USA, as it is the originator of the world financial crisis. However, the reasons that caused the crisis can be found. Global financial crisis caused deceleration of the economy in every country. As Georgian economy is the part of world economy, financial crisis had its negative effect on it too. The rose revolution has opened a new chapter in the history of modern Georgia. The post-revolution government achieved a number of successes in areas such as dramatically increasing state budget revenues, fighting corruption, and setting up effective cooperative relationships with the international financial institutions. Nowadays Georgia is in front of two challenges: 1. Global financial crisis continues in the world. It spreads all country's economy. The financial crisis has its negative aspect on Georgian economy too. 2. The important part of Georgia is occupied and population is in danger. Thousand of Georgian citizens were under compulsion to leave their homes.