Download This PaperThe Coronomic Crisis and Some Challenges for the Georgian Economy
GFSIS, Expert Opinion, No. 136, 2020
14 Pages Posted: 15 Apr 2020
Date Written: April 9, 2020
Abstract
The current situation in the world has inverted the perspective, showing us that the coronavirus and its global spread are already causing a widespread economic crisis. Today the economy is a hostage to medicine. The spread of the coronavirus has given rise to ideas that oppose free trade although it is clear that precisely in times of pandemics those countries that oppose globalization will suffer more. Given the fact that the pandemic is a global phenomenon and the Coronomic crisis is a threat to the whole world, isolationism and de-globalization are obviously a disastrous way for the world economy. On the contrary, in the post-crisis period it is necessary to diversify value chains and supply chains which should reduce potential risks. The diversification of value chains and supply chains will give to Georgia chances to use its geographic location and free trade agreements with EU and China.
Keywords: Coronomics, Coronomic Crisis, Economic Crisis, Free Trade Agreement, China, EU, Georgia
JEL Classification: A12, F13, F60, I15, P45, Z32
Suggested Citation: Suggested Citation