ECONOMIC POLICY OF GEORGIA IN THE FACE OF CHALENGES RELATED TO GLOBAL PANDEMIC

Abstract

Issue of pandemic crisis is actual nowadays, it is under attention of international and national scientists and is well reviewed in different types of literature. During the Covid -19 the attention of the Georgian government fully focused on the problem of health of Georgian people, while the economy of the country was partially paralyzed. Information included in the research strategy of the article were collected from multiple sources: documentary evidence, scientific literature analysis and statistical analysis. The scientific aim of the research is to highlight the current Georgian economic challenges related to pandemic. The authors had an objective to investigate social-economic outcomes in Georgia during the pandemic, to explore the major determinant of country’s economic development such as unemployment, foreign direct investment (FDI), gross domestic product (GDP) exports and imports, remittances, service sector. This paper examines the impact of the Covid-19 crisis on the current important social-economic processes of the country, to generalize them in order to form proper opinions. Findings based on research suggest that the economic situation in Georgia is difficult, therefore all the parties that could influence the positive changes in economy should be informed and involved in every project planned by the local government and international organizations that provide opportunities to foster the process of regional economic development. Authors also provides recommendations how to increase the competitiveness of the country in the future. Pandemic for Georgia is not only a crisis, but also an opportunity to build a new economy, but it is clear that the world will never be the same as it was before Covid-19.