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Global Economic Crisis: Is Georgia At Risk?


  • Maka Bughulashvili

    () (International Black Sea University)


Most of countries have been generally badly affected by the tremendous global financial crisis and economic downturn happening recently. It is really difficult to predict the timing and magnitude of events caused by the global economic crises, the effects of the crisis vary from country to country. It has become a serious problem not only for those countries which belong to the world of unprecedented financial globalization, where the financial sector plays a historically large role in economic activity, but it is also an "imported crisis" (G20 Financial Ministers' Meeting, November,2008) for low-income countries (LICs) as well. Although Georgia's economy is quite small, it is not isolated from the recession dilemma facing the world economy. This article tries to survey those sectors of Georgian economy which are regarded as having suffered the most because of the financial crisis spreading around the globe. This paper is kind of attempt to find out what are the optimal measures to recover from the post-August war condition and how to avoid direct influence of the global crisis on Georgian economy.

Suggested Citation

  • Maka Bughulashvili, 2009. "Global Economic Crisis: Is Georgia At Risk?," IBSU Scientific Journal, International Black Sea University, vol. 3(2), pages 55-75.
  • Handle: RePEc:ibl:journl:v:3:y:2009:i:2:p:55-75

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    References listed on IDEAS

    1. Baldwin, Richard & Seghezza, Elena, 1996. "Trade-induced Investment-led Growth," CEPR Discussion Papers 1420, C.E.P.R. Discussion Papers.
    2. Falcetti, Elisabetta & Lysenko, Tatiana & Sanfey, Peter, 2006. "Reforms and growth in transition: Re-examining the evidence," Journal of Comparative Economics, Elsevier, vol. 34(3), pages 421-445, September.
    3. Sergio Godoy & Joseph Stiglitz, 2006. "Growth, Initial Conditions, Law and Speed of Privatization in Transition Countries: 11 Years Later," NBER Working Papers 11992, National Bureau of Economic Research, Inc.
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    More about this item


    global; crisis; Georgia;

    JEL classification:

    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence


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