The world economy before, during and after the pandemic
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Date
2020
Authors
Journal Title
Journal ISSN
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Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
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 huge financial
resources, although the mechanism and underlying causes remained
unexplored. The crisis of 2020 is completely different, we can directly call this
crisis “artificial”, because the decision to stop economic activity was made
independently, we made economic sacrifices to save people’s lives. It will
be too hard to get out of the crisis, as the rush demand for products before
the crisis has become a certain safety cushion for future reduced sales. This
issue was well thought out by those who are in power in all states and they
named the dates of the economic downturn from the very beginning. And
yet, what did the crisis show? What lessons should we learn and what should
we consider in the future? What are our export potential and opportunities?
Which markets should become the best for better use of export potential? Georgian economists have expressed their positions on these issues (see
ref: 1-13).
Description
Strategic Directions for Deficit Elimination of External Trade of Georgia, Monograph,
co-authored by Ramishvili B., Tbilisi, „Universali“ Publishing House 2018.
Foreign Trade of Georgia, Ukraine and Moldova after the Signing of the Association
Agreement with the European Union, Ecoforum, V7, N1, 2018.
Formation of Effective Export Strategies in Modern Conditions, The Economist, International
Scientific-Analytical Journal, 2017, 4, Volume XIII.
Country Competitiveness as a Basis for Forming an Effective Export Strategy, International
Conference ICABMIT, 13-14 November, 2018, Cannes, France.
Comparative Analysis of External Trade of Georgia and Central and Eastern European
Countries, (co-author Ramishvili B.), Ecoforum, Vol 7, N2 (15) 2018.
Gravitational Model of External Trade of Georgia, Conference Proceedings, 4th International
Conference, European Academy of Sciences, January 20-30, 2019, Bonn,
GFR (co-author Munjishvili T.)
IMF (2020) World Economic Outlook: The Great Lockdown. Washington.D.C.
Gaganidze G. (2016). Georgian Export Potential Utilization on the EU Market, Journal
of International Management Studies, Volume16, Number 1.
Mekvabishvili E., Atanelishvili T. (2017). Globalization: Emigration and Transactions..
http://www.ecoforumjournal.ro/index.php/eco/article/view/628 17. 07. 2017.
Papava V. (2013). Economic Reforms in Post-Communist Georgia: Twenty Years After.
New York: Nova Science Publishers.
Silagadze A., Zubiashvili T. (2015). Parameters of the European Union and the
Post-Soviet Georgia’s Economy. Refereed International Journal of Business and
Management Studies (IJBMS), pp. 441–448.
Silagadze A., Atanelishvili T. (2014). The Main Economic Indicators of the EU and
Georgia “Topical Problems of the Development of Economy and Economic Science.”
Collection of scholarly works of Paata Gugushvili Institute of Economics
TSU, pp.50-52.
Kharaishvili E. (2016). Demand for Georgian Wine and the Evaluation of Competitive
Advantage Factors of Viticulture and Winemaking Sector TSU, scientific and
practical journal, Economics and Business, N4.
Keywords
Pandemic, world economy, globalization paradox, ultramodern technologies, high added value, export
Citation
Economics and Business, №4, 2020, pp. 17-26