English / ქართული /

Journal number 2 ∘


Elguja Mekvabishvili - Global Coronomic Crisis Influence on the Georgian Economy (instead of introduction);  Vladimer Papava - Coronomics and Qualitatively New Economic Crisis; Giorgi Gaganidze - The World Economy before, during and after the Pandemic; Irakli Kovzanadze - Challenges and Prospects of the Economy against the Background of   COVID-19 Infection; Ramaz Abesadze - Globalization and the Economic Problems of the Pandemic;  Mikhail Jibuti - Viral Variations of Political Economy; Merab Kakulia– Lessons of Coronomic Crisis in Georgia; Temur Shengelia - Recession of the Global Economy and Post-Virus Development of Georgia;  Ioseb Archvadze - Transformation of the State Function in the Post-Pandemic Period; Vakhtang Charaia - Coronomics: Danger or Opportunity?!  Giorgi Benashvili – Coronomics - The Necessity To Reassess Economic Policy. THESE ARTICLES WILL BE TRANSLATED IN ENGLISH AND PUBLISHED AS SEPARATE
Journal number 2 ∘ Avtandil SilagadzeAlexander Tvalchrelidze

COVID-19 Coronavirus Pandemic Influence on Crude Oil Prices A Preliminary Statistical Analysis

World economy rapidly recovered after the 2009 global economic crisis, and starting from 2010 fast increase of the world GDP was fixed. In 2018 the world GDP was as high as US$ 85,909.816 billion [1].  The world economic growth was unexpectedly hampered by COVID-19 coronavirus pandemic. Within one month the world economy has frozen, industries and budgetary incomes fall down to a critical level, employment collapsed, investor activities distorted and so on. Future prospects are vague. The current framework brings back to memory the period of the Great Depression, when the liberal economic doctrines failed, and governmental interventions became necessary [2]. It is obvious that after the pandemic breakthrough, a lot of fundamental principles will change in the world, including social & economic development doctrines: a bet seems to be placed on maximal involvement of national resources, and such a policy will both be basement of national economic strategies [3-7] and a
Journal number 2 ∘ Teimuraz Beridze

Economic Growth: Qualitative and Quantitative Determinants (Methogological Aspects)

Economic development looks at a wider range than Gross Domestic Product (GDP) per capita. Economic      development mostly is concerned with how people are actually affected. It looks at their actual living standards and social conditions. Measures of Economic development will look at: Real income per head – GDP per capita; Levels of literacy and education standards; Levels of health care (e.g. number of doctors per 1.000 population); Quality and availability of housing; Levels of environmental standards; Levels of infrastructure (transport, communication); Levels of corruption; Educational standards and labor productivity; Labor mobility; Flow of Foreign aid & Foreign investment; Level of savings & investment; etc. Additionally is given official statistics on Georgian Case concerning subject of study.Particularly on the GDP trends (Economic Growth), Employment and Unemployment, Informal Employment, Shadow Economy (or Non-Observed Economy);
Journal number 2 ∘ Badri GechbaiaGela MamuladzePaata AroshidzeNanuli MakharadzeMirza Suqnishvili

Competitiveness of National Production and the Strategies for Entering Export Markets

The paper evaluates the competitiveness of products produced in Georgia, defines the recognition of these products, both within the country and in foreign markets. Under the Association Agreement with the European Union, Georgian products have opened the way to European markets without obstacles. Based on the research, the area of ​​products that will be competitive in foreign markets and will be able to position itself has been determined. During the study alcohol production was excluded, as we believe that Georgian wine is highly competitive. Based on bibliographic research and empirical materials, the factors affecting product competitiveness have been identified and evaluated according to various criteria. It should be noted that such a study has not been conducted in Georgia yet, it is the first of its importance and it can be used by researchers from countries whose field of interest is the issue of entering foreign markets. The hypothesis is that if a foreign tourist
Journal number 2 ∘ Erekle Pirveli

Sectoral Analysis of the Economic Model of Georgia

This paper aims to study the efficiency of the economic model of Georgia through investigating its sectoral development. This is the first study that analyzes annual financial statements of more than 500 large private sector entities of Georgia. The financial data have been officially withdrawn from the Supervision Service, and descriptive data (firm category, identification code, and the sphere of operation) have been automatically downloaded from the official website of the Supervision Service (www.reportal.ge) using artificial intelligence techniques. The investigated sample entities operate in one of the following four areas: manufacturing, retail, services and finance. The author looks at this information in terms of the number, size and profitability of the entities. The results show that the smallest number of entities (19%) operates within the manufacturing sector. This already raises the doubt that Georgia’s economic model is rather inefficient. By looking at the size
Journal number 2 ∘ David Chelidze

Investment Projects as a Stimulating Lever of Country’s Economic Growth

Nowadays economic difficulties in the country make especially important to activate specific result-oriented, scheduled state capital (investment) projects, with clear system of duties/obligations of the persons responsible for execution, and provided with financial and material resources. In view of the above, it should be considered completely logical for the Georgian government to adopt such normative acts regulating the methodology of investment project management as: the Government of Georgia 22 April 2016, #191 decree and Minister of Finance of Georgia 22 July 2016, #165 order. Despite the positive assessment of the selection and evaluation process of investment projects, using the indicators of economic efficiency provided by the above-mentioned documents, despite the clear and anti-corruption nature of the evaluation process, with deficit budget funds  we consider it appropriate to make relevant changes in the #5 Annex of the Minister of Finance of Georgia 8 July 2011,
Journal number 2 ∘ Besik Bolkvadze

Regulating Aspects of Dividend Policy in the Business Sector of Georgia

The paper considers and analyses the dividend policy issues in the business sector of the economy of Georgia where the role and importance of dividend policy for business entities are discussed, the entrepreneural and taxation asspects of dividend distribution are considered, the specificity of profit utilization is underlined, the active and passive dividend policy directions are analysed, the factors impacted on dividend policy of the business entities are presented, the peculiarities of both private and state enterprises dividend approaches are charachterised.  Among the financial decisions of any business entity a dividend policy and the relevant decision is of utmost importance due to its cpecificity and complexity as the dividend distribution mechanism impacts upon a market value as well as future operation. A dividend policy depends on the financial results of a company and reflects the process of financial results distribution. Therefore the dividend distribution
Journal number 2 ∘ Ioseb Khelashvili

The Impact of Tourism on the Country Sectoral Economy in Georgia (By the example of food and beverage industry)

The tourism industry in Georgia is one of the leading sectors of the country's economy. This is due to its high tourism potential as well as the country's still emerging economy. It outlines the need to research the rationalization of the tourism impact on the sectoral economy. In this regard, the food and beverage sector deserves special attention as the most important supplier of the tourism industry.  The specific goal of our research is to reveal the expected impacts of the development of international tourism in Georgia on its food and beverage industry. For this we used the official statistics related to the expenditures of foreign tourists, including data on food and beverage (F&B) and accommodations. For the purpose of this research, we have modified the classification through the integration of the tourist's expenditures on F&B with the share of expenditures spent by the accommodations on the same products. This adjustment exposed an additional over 70 million
Journal number 2 ∘ Merab KhmaladzeKetevan Chitaladze

Ethno-Demographic Processes and Ethnic Conflicts in Georgia

In the 1990s, the ethnic conflicts incited by Russia were directed against the secession and formation of Georgia from the Soviet Empire as an independent state. The negative consequences of these ethnic conflicts still have a negative impact on Georgia. The purpose of writing this paper was to investigate whether the ongoing ethno-demographic processes in Georgia were one of the causes of the conflict. For this purpose, based on the historical and modern statistical information related to the problem, we have established that the ongoing ethno-demographic processes in Georgia from the 19th to the 1990s cannot be the cause of ethno-conflicts. Historically, the population of Abkhazian and Ossetian nationalities lived in a better demographic situation than Georgians. According to the latest statistics of 1959-1979 years, Georgians were characterized by low birth rates and high mortality rates compared to Abkhazians and Ossetians, which led to a high natural increase in them compared to
Journal number 2 ∘ Teimuraz Jojua

A Manuscript Cost in the 11th Century

(Based on a Colophon from a Georgian Manuscript (Vind.Georg.3) Held at Austrian National Library) Manuscripts in the Middle Ages were too expensive. They were essential to the practice of Christianity. The large colophon found in a Georgian manuscript from the collection of Austrian National Library is studied for the first time from the viewpoint of a manuscript cost. This is the February Menaion (Vind.georg.3) copied in 1042/44-1066. The colophon was written by Ivane Khakhuleli, a Georgian monk who resided in the monastery of Holy Cross in Jerusalem. He had commissioned the manuscript. The colophon written by Ivane Khakhuleli has never been used for the study of manuscript costs. At the first stage of my study I found out that Ivane Khakhuleli’s colophon was to be considered the oldest Georgian written source which provides information about manuscript cost, and not  the Nikortsminda deed of 1071-1080, as widely accepted prior to me. Based on the analysis of Ivane