The Problem of the Growth of Georgia's Public Debt during the Economic Crisis under the COVID-19 Pandemic

Abstract

Among the many problems caused by the coronomic crisis is the quick and substantial growth of the public debts of states. This problem is pressing for Georgia as well. In order to overcome the problems caused by the COVID-19 pandemic, the Government of Georgia managed to attract external debt with the amount of USD 3 billion in spring 2020, half of which will be taken by the government itself and the other half by the private sector. The government was forced to take this step in order to at least partially alleviate the social and economic problems in the country.

Keywords: Public Debt, Economic Crisis, COVID-19 Pandemic, Post-Communist Georgia

JEL Classification: F35, G01, H63, I18, P35