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Sectoral analysis of the economic model of Georgia (საქართველოს ეკონომიკური მოდელის დარგობრივი ანალიზი)

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dc.contributor.author Pirveli (პირველი), Erekle (ერეკლე)
dc.date.accessioned 2022-06-02T10:30:46Z
dc.date.available 2022-06-02T10:30:46Z
dc.date.issued 2020
dc.identifier.citation Economics and Business, №2, 2020, pp. 114-133 en_US
dc.identifier.issn 1987-5789
dc.identifier.uri http://dspace.tsu.ge/xmlui/handle/123456789/1560
dc.description  Forbes.ge, (2019a). sakartvelos 100 umskhvilesi kompania. [100 largest Companies in Georgia.] in Georgian  https://forbes.ge/news/6055/reitingi-saqarTvelos-100-umsxvilesi-kompania.  Forbes.ge, (2019b). sakartvelos qvelaze shemosavliani kompaniebi [The most Profitable Companies in Georgia,] in Georgian  https://forbes.ge/news/6323/saqarTvelos-yvelaze-Semosavliani-kompaniebi.  Geostat (2019). sakartvelos mtliani shida produkti (2018) [Gross Domestic Product of Georgia (IV quarter of 2018, preliminary).] in Georgian  https://www.geostat.ge/media/19445/Mtliani-shida-produqti-2018-cliuri-%28- geo%29.pdf.  Glaeser E. L., La Porta R., Lopez-de-Silanes F., & Shleifer A. (2004). Do Institutions Cause Growth? Journal of Economic Growth, 9(3), 271-303.  Government of Georgia, G. (2014). sakartvelos sotsialur – ekonomikuri ganvitarebis strategia sakartvelo 2020 [Social-economic Development Strategy of Georgia - GEORGIA-2020]. in Georgian. https://napr.gov.ge/source/%E1%83%A1%E1%83- %A 2% %83%A0%E1%83%90%E1%83%A2%E1%83%94%E1%83%92%E1%83%98%E1 % 83%90/ViewFile.pdf  Kvintradze, N. (2018). sakartvelos umskhvilesi kompaniebi [The largest Companies in Georgia TOP 20.] in Georgian  https://forbes.ge/news/3411/saqarTvelos-umsxvilesi-kompaniebi.  sakartvelos kanoni bughaltruli aghritskhvis, angarishgebisa da auditis shesakheb (2016).[Law of Georgia on Accounting, Reporting and Auditing (2016).] in Georgian.  Maslow, A. H. (1943). A theory of human motivation. Psychological review, 50(4), 370.  NBG, N. B. o. G. (2009). Annual Report 2009, https://www.nbg.gov.ge/uploads/publications/ annualreport/2009/annual_report_eng_web.pdf.  NBG, N. B. o. G. (2017). Annual Report 2017, https://www.nbg.gov.ge/uploads/publications/ annualreport/2018/eng_annual_2017.pdf.  NBG, N. B. o. G. (2018). Annual Report 2018,  https://www.nbg.gov.ge/uploads/publications/annualreport/2019/annualengfor_ web.pdf.  Papava V. (2014). Georgia’s Economy: The Search for a Development Model. Problems of Economic Transition, 57(3), 83-94.  Papava V. (2017). Georgia’s Economy: from optimism to primitivism, https://www. gfsis.org/files/library/opinion-papers/75-expert-opinion-eng.pdf.  Papava V. (2018a). Georgia’s economic model: the “consumer paradox” and the “tourist trap”, https://dspace.tsu.ge/handle/123456789/465?locale-attribute=en.  Papav V. (2018b). Why the Population of Georgia does not Perceive Economic Growth Positively, https://www.gfsis.org/blog/view/888.  Papava, V. (2018c). sakartvelos ekonomika „turistul khapangshi“. [Georgian Economy in a “Tourist Trap”,] https://www.gfsis.org/ge/blog/view/854. in Georgian  Papava V., Silagadze A. (2019). erti sakvandzo ekonomikuri terminis – “Gross Domestic Product”-is kartuli sakheltsodebis shesakheb [About, One Key Economic Term - “Gross Domestic Product” the Georgian. “Economics and Buziness”, #2.] in Georgian  https://dspace.tsu.ge/handle/123456789/344.  Pirveli E. (2015). Financial Statement Quality: First Evidence from the Georgian Stock Exchange: Shaker Verlag.  Pirveli E., Shugliashvili T. & Machavariani N. (forthcoming a). sakartvelos ekonomikuri modelis empiriuli analizi kovid-19-is pirobebshi. [Empirical analysis of the economic model of Georgia in the conditions of Covid-19.Forbes Georgia.] in Georgian  Pirveli E., Shugliashvili T. & Machavariani, N. (forthcoming b). Rethinking Economic Policy of Georgia in the Times of COVID-19.  Stiglitz J. E., Sen A., & Fitoussi J.-P. (2009). Report by the Commission on the Measurement of Economic Performance and Social Progress, Paris, INSEE, https://ec.europa. eu/eurostat/documents/118025/118123/Fitoussi+Commission+report.  Stiglitz J. E., Sen A., Fitoussi J.-P. (2010). Mismeasuring Our lives: Why GDP doesn’t add up: The New Press. en_US
dc.description.abstract 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 of the entities, the work further detects that the financial sector stands for the largest sector. The difference between the size of the finance sector players and those within the other sectors is so evident that this may only strengthen the above risen doubt on wrong economic pattern of development. In terms of profitability, it is further revealed that trade and service sectors are the leading ones. In other words, there are fewer and smaller sized entities operating within the manufacturing sector, which are likely to be less focused on high-tech production and thus are earning relatively lower income margins. It is recommended that the government agencies prioritize the growth of enterprise involvement within the manufacturing sector, which may potentially serve as a basis to move towards the introduction of knowledge-based, high-tech manufacturing paths in the medium- and long-term perspective. en_US
dc.language.iso ge en_US
dc.publisher Ivane Javakhishvili Tbilisi State University Press en_US
dc.subject Georgia; economic model; sectoral analysis; sectoral efficiency; real industry; economic growth en_US
dc.title Sectoral analysis of the economic model of Georgia (საქართველოს ეკონომიკური მოდელის დარგობრივი ანალიზი) en_US
dc.type Article en_US

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