Socio-economic strategy of post-crisis regulation of economy (ეკონომიკის პოსტკრიზისული რეგულირების სოცილურ-ეკონომიკური სტრატეგია)

Abstract

Government is the guarant of country's development. Along with country’s political stability and security, it must ensure the development of an effective economic policy and its implementation. One way to do so, is to protect the economy from sharp fluctuations and, in this way, ensure sustainable economic growth. This requires considering the peculiarities of the global economy, achieving macroeconomic balance, perfecting the structural and institutional environment, development of priority sectors, and creation of a democratic and free entrepreneurial environment. The role of the government especially increases in a non-extraordinary environment and the functions of centralised management becomes particularly active in a crisis situation. The global pandemic processes put the emphasis on the economic role of a state and on the importance of its management concept. The large scale of the current pandemic determined the need for joint scientific research on the one hand, and for the cooperation of governments, on the other hand. Mutually coordinated development of anti-crisis plans of different countries has become a crucial prerequisite for effective management of process economy. The article analyses the impact of government's anti-crisis policy on the functioning of socioeconomic systems and the state’s role in achieving socio-economic and political stabilization. Based on the analysis of the recommendations of the IMF and the World Bank, the article studies governmental regulations of crisis management in several EU countries and the probable consequences of different scenarios. It analyses the main trends of the pandemic-induced economic decline, structural transformation, and changes in the social environment in Georgia.