The world economy before, during and after the pandemic

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Ivane Javakhishvili Tbilisi State University Press
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).
 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.. 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.
Pandemic, world economy, globalization paradox, ultramodern technologies, high added value, export
Economics and Business, №4, 2020, pp. 17-26