Journal number 4 ∘ Vladimer Papava ∘

On the Atypical Economic Crisis under the COVID-19 Pandemic

This article examines the nature of the economic crisis that has formed due to the COVID-19 pandemic. It is justified that this crisis, called the coronomic crisis, is in fact atypical. The coronomic crisis is fundamentally different from other atypical economic crises. The coronomic crisis did not originate in the economy itself and its completion depends only on the success of medicine in the fight against the coronavirus. Anti-crisis economic measures in the context of this crisis are aimed at social assistance to needy members of society and support for those firms that have suspended or reduced their activities due to the pandemic. The coronomic crisis forced us to take a fresh look at the globalization process. The process of forced de-globalization caused by it is temporary, since overcoming the pandemic is possible only on the basis of a global approach. Atypical economic crises should be the subject of a special study for economics. Keywords: pandemic COVID-19, atypical

Journal number 4 ∘ Giorgi Gaganidze ∘

The World Economy before, during and after the Pandemic[1]

The article discusses the state of the World Economy before, during and after the Pandemic. The state of the Georgian economy has been analyzed, the external trade analysis of Georgia in the conditions of the pandemic has been made. Certain approaches have been developed in order to formulate recommendations for the Post-Pandemic Economy. The 21st century knowledge of the World Economy is somewhat similar to knowledge of the 20th century World Economy until 1929. Then and now everyone thought that everything is studied in economic science, we know everything well and we have the answers to all the challenges. It was also the characteristic of the recent period that the crisis of 2008 (also, atypical) had already occurred, but no relevant conclusions had been drawn. The feature of the 2008 economic crisis was that the crisis started not from overproduction or other economic fields, but directly from the financial sector. Overcoming the crisis was made possible by mobilizing h

Journal number 4 ∘ Irakli Kovzanadze ∘

Economic Challenges During COVID-19 and Post-Pandemic Era

Condition of world economies in the pre-pandemic state is discussed and analysed in the present article on the grounds of statistical data released by various countries, along with the economic challenges caused by the spread of COVID-19, with realities and prospects for future. Article also conveys information on the anti-crisis measures in monetary, fiscal and social dimensions designed by governments of various countries, including Georgia. What is most important, it elaborates on the efforts intended to overcome the negative consequences of the crisis. Keywords: crisis, recession, economic growth, monetary policy, fiscal policy, budget policy, budget deficit, public funds, public debt, banking system, macroeconomy, pandemic, Coronavirus, COVID-19. JEL Codes: E52, E62, F40, F43, O2 COVID-19 pandemic is having a significant impact on the world economic order and processes shaped over centuries. It causes changes in them and will fundamentally change them in f

Journal number 4 ∘ Teimuraz Shengelia ∘ Zurab Kirkitadze ∘

The Post-Coronavirus Economy of the World and Georgia

Coronavirus has a significant impact on the world economy, which is reflected in the decline of international trade, the restriction of the labor market and investment activity, the undermine of public finances and the monetary system and change of human behavior. Under these conditions, states face two main tasks: first, to localize the virus in the hope that world medicine will create an antivirus, and second, to rationally manage the economy under these conditions. Otherwise, in the post-coronavirus period, rapid and less harmful resuscitation of the economy will be difficult. Keywords: Coronavirus, economy, postvirus crisis, scenarios, resuscitation of economy. JEL Codes: I10, I11, I18 It is clear that the pandemic is the enemy of humanity, but no less dangerous is the economic downturn, which poses no less a great threat to the dynamic development of mankind.generally, there are up to 800 thousand viruses on Earth, which pose a potential threat to humanity, beca

Journal number 4 ∘ Vakhtang Charaia ∘ Mariam Lashkhi ∘

Georgia-China Economic Cooperation before and during Covid-19 Pandemic

Covid-19 pandemic has changed the world. Initially seemed as healthcare challenge, new Coronavirus managed to change not only medical, but also economic, as well as almost all other aspects of our every day life (Balogu, 2020). Coronomics even cooled down the global economic interconnectedness which reached its historic heights in the 21st century (Papava, Charaia, 2020). Consequently, countries are struggling to attract foreign direct investment (FDI) and to expand trade (Barbate, 2020). Consequently, Supply chains have slowed, consumer spending is down, political reality vague, and most states have been unable to stave off recession. At the same time, global crises often open up new opportunities that can ultimately lead to progress and prosperity (Buheji, Ahmed, 2020). Under these circumstances, countries big and small are looking for strategic partnerships to overtake their competitors. This is why China, a rising superpower, and Georgia, a middle-income country, ha

Journal number 4 ∘ Giorgi Malashkhia ∘

The Law of Wealth Accumulation and Prosperity

The paper sets out a new, alternative concept of wealth creation and growth. The content and composition of wealth, which includes its non-economic (intangible) species, is presented in extended content. The concept of social energy - the potential for creating community wealth - has been introduced. Shown in the creation of wealth are completely and partially free social energy sources: natural resources - solar energy, climate, soil fertility, mineral wealth, flora, fauna, hydropower, etc., as well as anthropogenic - in the process of application, knowledge, experience, science and technology, innovative thought passed down from previous generations and newly acquired and the role in the production of wealth. Wealth growth has been proven to be the production of a product obtained as a surplus of profit or expenditure by combining the above-mentioned free resources with labor and means of production. It is substantiated that the increasing rate of activation of free social energy and

Journal number 4 ∘ Paata Koguashvili ∘ Nikoloz Chikhladze ∘

The Establishment of Regulatory Agencies in the Agri-Food Sector is a State Necessity

The global food crisis significantly strengthens the motivation of a State to assist and regulate the agricultural sector with a view to applying leverage that is not provided for by self-regulated market mechanisms. In the current context, the agri-food sector of Georgia requires state support, because it can take several decades to realize its full potential from its own resources. Solving the food security problem would amount to the preservation of the country's political and economic independence. We still import more than 70% of foodstuffs needed by the population. If we are to achieve a positive trade balance by 2025, we must massively increase agricultural production with a view to reducing excessive spending of foreign currency on food imports. In the current situation, it is necessary to develop conditions conducive to the development of the food sectors for a period of five years, both in economic-financial and organizational-legal terms, which should include tax, insuran

Journal number 4 ∘ Ineza Gagnidze ∘

The Scientific-Research System of Georgia in International Evaluations and Some Directions of Its Improvement

Gratitude: The author gratefully acknowledges funding received from the EU, NED and EaP CSF Foundations.The article presents some of the research that is supportive by EU, NED and EaP CSF. (Project title: “Enhancing EaP-EU Cooperation in R&I through Comparative Analyses of EaP National Research Systems”) The rapid and leapfrogging development of the world economy is linked to the Fourth Industrial Revolution. It is estimated that “across all industries, by 2022, growth in emerging professions is set to increase their share of employment from 16% to 27% (11% growth)” (WEF FJR 2018, viii), “57% of workplaces in OECD countries will be at risk of automation" (Nuttall, 2018), “by one popular estimate, 65% of children entering primary school today will ultimately end up working in completely new job types that don’t yet exist” (WEF FJ 2016, 3). Such predictions give researchers the basis for announcing Reskill

Journal number 4 ∘ Tengiz Verulava ∘ Revaz Jorbenadze ∘

Access to Healthcare Access as Fundamental Right or a Privilege?

Understanding health as a human right creates a legal obligation on government to ensure access to timely, acceptable, and affordable health care of appropriate quality. Health and health care can not be considered only as a personal responsibility, because due to its socio-economic nature, the demand for it is often not only individual, but also social ("public goods" in the medical market) and requires the consolidation of consumers funds. Peculiarities of the medical market, such as risks and uncertainty, incomplete information, limited competition, external effects, production of public good, lead to special forms of economic relations in the medical market, which require the development of appropriate regulatory mechanisms. In European countries, where financing of health care is completely divorced from actuarial principles, the individual's financial contribution to health does not depend on his or her health risk. Consequently, there is a universal healthcare principle that c

Journal number 4 ∘ Gela Mamuladze ∘ Salome Servashidze ∘

The Importance of Key Tactical Solutions in the Business to Business (B2B)Commerce

In the conditions of accelerated globalization, based on improving internal organizational and marketing solutions and rationalizing market behaviornew models of commercial enterprise management are being introduced. In this article we have discussed B2B approach which represents one of the largest parts of the modern business. According to Forrester, a well-known research organization in 2023 the US B2B segment will be 1.8$ trillion. The key to success in B2B is the fundamental knowledge of the business of contracting entities. Today, in Georgia, we have a tendency for corporate business to seek and demand news. Business customers expect partners to be well aware of their business model, to explore the sector in which they operate, and therefore the offer made to them will always be timely and individually tailored.Through different key channels, manufacturers establish contact with different types of users. Business entities are differently aware of sources of information

Journal number 4 ∘ Irakli Manvelidze ∘ Malvina Jibladze ∘

Assessment of Business and Social Environment in the South Caucasus Countries by Multi-Criteria Analysis Methods

The paper discusses business and social environment trends on the example of Georgia, Armenia and Azerbaijan, which revealed that the quality of life, the level of human development and various economic indicators partly determine the business and social environment in the countries of the South Caucasus. The topic is relevant, as the assessment of the impact of the business and social environment will reflect not only the image of a single country, but also the South Caucasus region, which can further become the basis for deepening integration into world processes. In research innovative multi-criteria analysis methods developed for stakeholders will help to properly select a partner country with different priorities in mind. The study includes 10 years of data using multi-criteria analysis (MCDM) methods, as the best means of discussing social and economic problems. Initially, the most important criteria were identified by investors, on which we partially used the Analytical Hiera

Journal number 4 ∘ Nino Melitauri ∘

Georgia International Trade Relations Analysis

In the context of trade liberalization, governments have changed protectionist tools, and in many cases they protect domestic industries with the variations of non-tariff barriers. Georgia has signed bilateral or multilateral trade agreements with many countries around the world, which aim to stimulate trade flows. However, despite the occurrence of the free trade regimes that relieve trade from the burden of tariffs, the effect of non-tariff barriers is in some cases full-scale. In the present article, against the background of these non-tariff barriers, an attempt is made to assess the effectiveness of stimulating Georgia's international trade flows using the following well-known indices in the economic literature: Trade Openness Index, Geographical and Sectoral Trade Composition Indices, Export Diversification Level Index, Export Growth Margin, and Sectoral Comparative Advantage Index. In the present paper I conducted a detailed analysis about Georgia's current international trade

Journal number 4 ∘ Zhana Tolordava ∘

Methods of Making Managerial Decisions

Management decision-making is an essential component of the activities of a body with any level of management hierarchy, so far as development and implementation of correct decisions is an indispensable prerequisite for the economic development. In present times governance procedures are becoming more complex, which, naturally, requires advance of the methods of their solution. Correct approach to the problem-solving ensures selection of the most efficient solution from all the available choices. According to the opinion of a number of scientists this should include at least the following steps: Identifying and defining the problem. At the initial stage it is necessary to pose “right” questions for delimiting the problem in order to rule out spontaneous decision without its proper detailed definition. Analyzing the factors causing the problem. Frequently problem solving comes down to elimination of its causes. Identifying possible strategies and solutions. It is always

Economics and Business Referential and Reviewed International Scientific-Analytical Journal of Ivane Javakhishvili Tbilisi State University, Faculty of Economics and Business

ISSN 1987-5789 ESSN 2587-5426 doi 10.56079	Journal number 4 ∘ Vladimer Papava ∘ On the Atypical Economic Crisis under the COVID-19 Pandemic This article examines the nature of the economic crisis that has formed due to the COVID-19 pandemic. It is justified that this crisis, called the coronomic crisis, is in fact atypical. The coronomic crisis is fundamentally different from other atypical economic crises. The coronomic crisis did not originate in the economy itself and its completion depends only on the success of medicine in the fight against the coronavirus. Anti-crisis economic measures in the context of this crisis are aimed at social assistance to needy members of society and support for those firms that have suspended or reduced their activities due to the pandemic. The coronomic crisis forced us to take a fresh look at the globalization process. The process of forced de-globalization caused by it is temporary, since overcoming the pandemic is possible only on the basis of a global approach. Atypical economic crises should be the subject of a special study for economics. Keywords: pandemic COVID-19, atypical Journal number 4 ∘ Giorgi Gaganidze ∘ The World Economy before, during and after the Pandemic[1] The article discusses the state of the World Economy before, during and after the Pandemic. The state of the Georgian economy has been analyzed, the external trade analysis of Georgia in the conditions of the pandemic has been made. Certain approaches have been developed in order to formulate recommendations for the Post-Pandemic Economy. The 21st century knowledge of the World Economy is somewhat similar to knowledge of the 20th century World Economy until 1929. Then and now everyone thought that everything is studied in economic science, we know everything well and we have the answers to all the challenges. It was also the characteristic of the recent period that the crisis of 2008 (also, atypical) had already occurred, but no relevant conclusions had been drawn. The feature of the 2008 economic crisis was that the crisis started not from overproduction or other economic fields, but directly from the financial sector. Overcoming the crisis was made possible by mobilizing h Journal number 4 ∘ Irakli Kovzanadze ∘ Economic Challenges During COVID-19 and Post-Pandemic Era Condition of world economies in the pre-pandemic state is discussed and analysed in the present article on the grounds of statistical data released by various countries, along with the economic challenges caused by the spread of COVID-19, with realities and prospects for future. Article also conveys information on the anti-crisis measures in monetary, fiscal and social dimensions designed by governments of various countries, including Georgia. What is most important, it elaborates on the efforts intended to overcome the negative consequences of the crisis. Keywords: crisis, recession, economic growth, monetary policy, fiscal policy, budget policy, budget deficit, public funds, public debt, banking system, macroeconomy, pandemic, Coronavirus, COVID-19. JEL Codes: E52, E62, F40, F43, O2 COVID-19 pandemic is having a significant impact on the world economic order and processes shaped over centuries. It causes changes in them and will fundamentally change them in f Journal number 4 ∘ Teimuraz Shengelia ∘ Zurab Kirkitadze ∘ The Post-Coronavirus Economy of the World and Georgia Coronavirus has a significant impact on the world economy, which is reflected in the decline of international trade, the restriction of the labor market and investment activity, the undermine of public finances and the monetary system and change of human behavior. Under these conditions, states face two main tasks: first, to localize the virus in the hope that world medicine will create an antivirus, and second, to rationally manage the economy under these conditions. Otherwise, in the post-coronavirus period, rapid and less harmful resuscitation of the economy will be difficult. Keywords: Coronavirus, economy, postvirus crisis, scenarios, resuscitation of economy. JEL Codes: I10, I11, I18 It is clear that the pandemic is the enemy of humanity, but no less dangerous is the economic downturn, which poses no less a great threat to the dynamic development of mankind.generally, there are up to 800 thousand viruses on Earth, which pose a potential threat to humanity, beca Journal number 4 ∘ Vakhtang Charaia ∘ Mariam Lashkhi ∘ Georgia-China Economic Cooperation before and during Covid-19 Pandemic Covid-19 pandemic has changed the world. Initially seemed as healthcare challenge, new Coronavirus managed to change not only medical, but also economic, as well as almost all other aspects of our every day life (Balogu, 2020). Coronomics even cooled down the global economic interconnectedness which reached its historic heights in the 21st century (Papava, Charaia, 2020). Consequently, countries are struggling to attract foreign direct investment (FDI) and to expand trade (Barbate, 2020). Consequently, Supply chains have slowed, consumer spending is down, political reality vague, and most states have been unable to stave off recession. At the same time, global crises often open up new opportunities that can ultimately lead to progress and prosperity (Buheji, Ahmed, 2020). Under these circumstances, countries big and small are looking for strategic partnerships to overtake their competitors. This is why China, a rising superpower, and Georgia, a middle-income country, ha Journal number 4 ∘ Giorgi Malashkhia ∘ The Law of Wealth Accumulation and Prosperity The paper sets out a new, alternative concept of wealth creation and growth. The content and composition of wealth, which includes its non-economic (intangible) species, is presented in extended content. The concept of social energy - the potential for creating community wealth - has been introduced. Shown in the creation of wealth are completely and partially free social energy sources: natural resources - solar energy, climate, soil fertility, mineral wealth, flora, fauna, hydropower, etc., as well as anthropogenic - in the process of application, knowledge, experience, science and technology, innovative thought passed down from previous generations and newly acquired and the role in the production of wealth. Wealth growth has been proven to be the production of a product obtained as a surplus of profit or expenditure by combining the above-mentioned free resources with labor and means of production. It is substantiated that the increasing rate of activation of free social energy and Journal number 4 ∘ Paata Koguashvili ∘ Nikoloz Chikhladze ∘ The Establishment of Regulatory Agencies in the Agri-Food Sector is a State Necessity The global food crisis significantly strengthens the motivation of a State to assist and regulate the agricultural sector with a view to applying leverage that is not provided for by self-regulated market mechanisms. In the current context, the agri-food sector of Georgia requires state support, because it can take several decades to realize its full potential from its own resources. Solving the food security problem would amount to the preservation of the country's political and economic independence. We still import more than 70% of foodstuffs needed by the population. If we are to achieve a positive trade balance by 2025, we must massively increase agricultural production with a view to reducing excessive spending of foreign currency on food imports. In the current situation, it is necessary to develop conditions conducive to the development of the food sectors for a period of five years, both in economic-financial and organizational-legal terms, which should include tax, insuran Journal number 4 ∘ Ineza Gagnidze ∘ The Scientific-Research System of Georgia in International Evaluations and Some Directions of Its Improvement Gratitude: The author gratefully acknowledges funding received from the EU, NED and EaP CSF Foundations.The article presents some of the research that is supportive by EU, NED and EaP CSF. (Project title: “Enhancing EaP-EU Cooperation in R&I through Comparative Analyses of EaP National Research Systems”) The rapid and leapfrogging development of the world economy is linked to the Fourth Industrial Revolution. It is estimated that “across all industries, by 2022, growth in emerging professions is set to increase their share of employment from 16% to 27% (11% growth)” (WEF FJR 2018, viii), “57% of workplaces in OECD countries will be at risk of automation" (Nuttall, 2018), “by one popular estimate, 65% of children entering primary school today will ultimately end up working in completely new job types that don’t yet exist” (WEF FJ 2016, 3). Such predictions give researchers the basis for announcing Reskill Journal number 4 ∘ Tengiz Verulava ∘ Revaz Jorbenadze ∘ Access to Healthcare Access as Fundamental Right or a Privilege? Understanding health as a human right creates a legal obligation on government to ensure access to timely, acceptable, and affordable health care of appropriate quality. Health and health care can not be considered only as a personal responsibility, because due to its socio-economic nature, the demand for it is often not only individual, but also social ("public goods" in the medical market) and requires the consolidation of consumers funds. Peculiarities of the medical market, such as risks and uncertainty, incomplete information, limited competition, external effects, production of public good, lead to special forms of economic relations in the medical market, which require the development of appropriate regulatory mechanisms. In European countries, where financing of health care is completely divorced from actuarial principles, the individual's financial contribution to health does not depend on his or her health risk. Consequently, there is a universal healthcare principle that c Journal number 4 ∘ Gela Mamuladze ∘ Salome Servashidze ∘ The Importance of Key Tactical Solutions in the Business to Business (B2B)Commerce In the conditions of accelerated globalization, based on improving internal organizational and marketing solutions and rationalizing market behaviornew models of commercial enterprise management are being introduced. In this article we have discussed B2B approach which represents one of the largest parts of the modern business. According to Forrester, a well-known research organization in 2023 the US B2B segment will be 1.8$ trillion. The key to success in B2B is the fundamental knowledge of the business of contracting entities. Today, in Georgia, we have a tendency for corporate business to seek and demand news. Business customers expect partners to be well aware of their business model, to explore the sector in which they operate, and therefore the offer made to them will always be timely and individually tailored.Through different key channels, manufacturers establish contact with different types of users. Business entities are differently aware of sources of information Journal number 4 ∘ Irakli Manvelidze ∘ Malvina Jibladze ∘ Assessment of Business and Social Environment in the South Caucasus Countries by Multi-Criteria Analysis Methods The paper discusses business and social environment trends on the example of Georgia, Armenia and Azerbaijan, which revealed that the quality of life, the level of human development and various economic indicators partly determine the business and social environment in the countries of the South Caucasus. The topic is relevant, as the assessment of the impact of the business and social environment will reflect not only the image of a single country, but also the South Caucasus region, which can further become the basis for deepening integration into world processes. In research innovative multi-criteria analysis methods developed for stakeholders will help to properly select a partner country with different priorities in mind. The study includes 10 years of data using multi-criteria analysis (MCDM) methods, as the best means of discussing social and economic problems. Initially, the most important criteria were identified by investors, on which we partially used the Analytical Hiera Journal number 4 ∘ Nino Melitauri ∘ Georgia International Trade Relations Analysis In the context of trade liberalization, governments have changed protectionist tools, and in many cases they protect domestic industries with the variations of non-tariff barriers. Georgia has signed bilateral or multilateral trade agreements with many countries around the world, which aim to stimulate trade flows. However, despite the occurrence of the free trade regimes that relieve trade from the burden of tariffs, the effect of non-tariff barriers is in some cases full-scale. In the present article, against the background of these non-tariff barriers, an attempt is made to assess the effectiveness of stimulating Georgia's international trade flows using the following well-known indices in the economic literature: Trade Openness Index, Geographical and Sectoral Trade Composition Indices, Export Diversification Level Index, Export Growth Margin, and Sectoral Comparative Advantage Index. In the present paper I conducted a detailed analysis about Georgia's current international trade Journal number 4 ∘ Zhana Tolordava ∘ Methods of Making Managerial Decisions Management decision-making is an essential component of the activities of a body with any level of management hierarchy, so far as development and implementation of correct decisions is an indispensable prerequisite for the economic development. In present times governance procedures are becoming more complex, which, naturally, requires advance of the methods of their solution. Correct approach to the problem-solving ensures selection of the most efficient solution from all the available choices. According to the opinion of a number of scientists this should include at least the following steps: Identifying and defining the problem. At the initial stage it is necessary to pose “right” questions for delimiting the problem in order to rule out spontaneous decision without its proper detailed definition. Analyzing the factors causing the problem. Frequently problem solving comes down to elimination of its causes. Identifying possible strategies and solutions. It is always