Contemporary Trends in the Georgian Economy

Avtandil SILAGADZE

Abstract: The paper explores key contemporary trends in the Georgian eco­nomy. Specifically, it examines economic growth, the current state of various economic sectors, employment and unemployment dynamics, foreign investment flows, trade-related challenges, international reserves, external public debt, re­mittance patterns, inflation, poverty, and other relevant issues. According to the study’s conclusion, the Georgian economy in the post-pandemic period is marked by a positive growth trajectory. More specifically, the following trends have been identified: the overall GDP volume – particularly in the tourism sec­tor – has nearly returned to pre-pandemic levels; GDP per capita has risen sharply; employment has increased, including in the private sector, though not substantially; inflation has declined; absolute poverty has decreased; and unem­ployment has dropped significantly. Foreign Direct Investment (FDI) has rema­ined relatively stable, primarily due to reinvestment. Remittances continue to play a vital role in supporting the population. Exports of goods (largely driven by re-exports), trade turnover, trade in services, and the traditionally problema­tic trade deficit have all increased. The ratio of external public debt to nominal GDP has declined, and international reserves have grown. The national currency exchange rate remains stable. Looking ahead, key challenges for the Georgian economy include sustaining high economic growth; boosting inves­tment in the real sector and generating new employment opportunities; enhan­cing the production of competitive domestic goods; promoting exports and im­port-substituting industries; expanding and diversifying export markets; further reducing poverty and unemployment; maintaining low inflation and currency stability; and strengthening mutually beneficial relations with neighboring co­untries, particularly the European Union.

Keywords: Economy, tourism, FDI, GEL, unemployment.

Introduction

Georgia was an independent de­mocratic republic from 1918 to 1921, a period marked by promising institutional reforms that were ulti­mately left unfinished due to the country’s forcible incorporation into the Soviet administrative system. Following the collapse of the Soviet Union in the early 1990s, and amid a challenging political and economic environment, Georgia regained its independence.

In the development of a market economy in Georgia, five condition­al stages can be distinguished.

The first stage (1991-1995) marked the initial construction of an independent economy, progressing at a relatively rapid pace. This peri­od was characterized by the collapse of the planned economy, disruption of supply chains, cessation of cen­tralized financing, hyperinflation, and the complex formation of new institutional structures – amid civil war, territorial conflicts, and a se­vere energy crisis. As a result, Georgia’s gross domestic product (GDP) declined by 60.3% between 1991 and 1994. During this time, close cooperation with international financial organizations began.

The second stage (1995-2003) was defined by relative stabilization of the Georgian economy. Economic conditions began to improve, and effective steps were taken toward market reforms. Key developments included monetary reform – the in­troduction of the national currency, the Georgian Lari (GEL), on Sep­tember 25, 1995 – cessation of hy­perinflation, the establishment of an independent two-tier banking sys­tem, price liberalization, large-scale property transformation, the creation of independent economic institu­tions, and the laying of foundations for macroeconomic stabilization. GDP growth reached 11.2% in 1996 compared to the previous year, one of the highest indicators since inde­pendence. During this period, groundwork was laid for the con­struction of international transit oil and gas pipelines and highways across Georgian territory. However, the Asian financial crisis of 1998 and a slowdown in reform momen­tum led to a decline in economic growth to 2.9% in 1999, followed by a change in government.

The third stage (2004-2012) fol­lowed the “Rose Revolution” and was marked by deregulatory and anti-corruption measures, which were unfortunately often accompa­nied by aggressive encroachments on property rights. This stage saw a significant inflow of foreign direct investment in 2007 and high eco­nomic growth, peaking at 12.6%. However, the global financial crisis and the war with Russia led to a sharp economic contraction, with GDP falling by 3.7% in 2009.

The fourth stage (2013-2020) began after another change in gov­ernment. Economic growth during this period fluctuated between 5.1% and 5.4%, but was severely impact­ed by the COVID-19 pandemic, re­sulting in a contraction of -6.3% in 2020. Regional risks also intensi­fied. Overall, the pandemic sharply curtailed economic activity and em­ployment – particularly in the tour­ism sector – and led to increased spending on social programs¹.

The fifth stage of economic re­forms (2021–present) is the focus of this paper, which aims to examine the key trends shaping the Georgian economy.

Literature Review

The scientific literature on Georgia’s economic development trends situ­ates this phenomenon within the broader context of post-Soviet so­cio-economic fluctuations. Tamar Atanelishvili² has examined the re­forms undertaken by the Dem­ocratic Republic of Georgia (1918-1921) across the agrarian, trade, and indus­trial sectors, as well as the es­tablishment of key institutional bod­ies – including the State Bank of Georgia, the customs administration, the State Control Institute, the Sta­tistical Service, and the Economic Council. Her work also addresses the challenges posed by the circula­tion of various monetary units, in­cluding the Georgian “bon.”

The reforms implemented in the Georgian economy during the 1990s – covering stages of transition, the role of the state, macroeconomic stabilization, institutional restructur­ing, privatization, financial and monetary systems, labor market dy­namics, poverty, and foreign eco­nomic relations – are analyzed in the work of Temur Basilia, Avtandil Silagadze, and Tamaz Chikvaidze³.

Vladimer Papava⁴ explores both theoretical and applied aspects of macroeconomics during Georgia’s post-communist transition, with par­ticular attention to the achievements and shortcomings of the Internation­al Monetary Fund’s activities in the country.

The prospects for Georgia’s so­cio-economic development through 2030, including the challenges of fostering conditions conducive to industrial and agricultural growth, are discussed in the work of Aleksandre Tvalchrelidze, Avtandil Silagadze, and colleagues⁵.

Labor emigration has had a sig­nificant impact on Georgia’s demo­graphic and economic development. Remittances from emigrant workers contribute to mitigating demograph­ic challenges and fostering econom­ic growth⁶. The complexities sur­rounding remittance flows in Georgia are also explored in the work of Elguja Mekvabishvili and Tamar Atanelishvili⁷.

The liberal economic doctrines dominant in the late 1920s proved insufficient to prevent the severe consequences of the Great Depres­sion, prompting a shift toward a new paradigm – strengthening the role of the state in economic affairs. The COVID-19 pandemic has once again brought renewed attention to the importance of state involvement in the economy⁸.

Post-Soviet countries, including Georgia, continue to face challenges related to reform implementation, resource constraints, and integration into the European Union. Nonethe­less, some have begun to make tan­gible progress in areas such as ener­gy transformation, digital develop­ment, and regional cooperation⁹.

This body of literature offers val­uable insights into the reforms un­dertaken in independent Georgia. Building on this foundation, the pre­sent paper examines emerging eco­nomic realities and current trends in the country’s development.

Methodology

The research methodology draws upon data and guidance from author­itative sources, including the Inter­national Monetary Fund (IMF), the United Nations (UN), the Interna­tional Labour Organization (ILO), the National Statistics Office of Georgia (Geostat), the National Bank of Georgia (NBG), and the Georgian Ministries of Economy, Finance, and Agriculture. It also incorporates materials from the World Bank and other relevant sta­tistical and policy documents, along­side the works of prominent econo­mists addressing the research topic. The study employs a combination of data collection, analytical, and com­parative methods.

Contents

Georgia’s modern economic de­velopment has been marked by sev­eral notable trends, among which we have analyzed key issues.

 Dynamics and Structure of Gross Domestic Product (GDP)

In recent years, the scale of the Georgian economy has expanded significantly. In 2024, the country’s real gross domestic product (GDP) reached $33.8 billion, while GDP at purchasing power parity (PPP, cur­rent international $) stood at $104.4 billion – representing a 79% in­crease compared to the correspond­ing figure in 2021¹⁰.

This expansion was strongly in­fluenced by rising domestic invest­ment, particularly state-led infra­structure projects. Additionally, economic growth was largely driven by advancements in the service sec­tor. When dividing GDP into two broad categories – the “real” sector (agriculture, industry, construction) and the “service” sector (trade, real estate, transport, communications, financial services, tourism, etc.) – the latter accounted for approxi­mately 65% of Georgia’s GDP in 2024. Nevertheless, the agriculture, industry, and construction sectors also contributed meaningfully to economic growth, albeit to a lesser extent (see Table 1).

Table 1. Structure of GDP (%) in Georgia

Source: https://www.geostat.ge/media/71257     21.10.2025

High economic growth is, by its nature, a reflection of progress across economic sectors. According to data from Geostat¹¹, the largest contributions to the sectoral struc­ture of GDP were made by whole­sale and retail trade (15.2%), repair of motor vehicles and motorcycles (15.2%), real estate activities (9.9%), manufacturing (9.3%; down from 19.6% in 2023), construction (8.4%), public administration and defense including compulsory social security (7.0%), information and communication (6.4%), agriculture, forestry and fishing (6.2%), transport and storage (5.9%), educa­tion (5.7%), and financial and insur­ance activities (5.2%). A notable exception to this upward trend was the electricity, gas, steam, and air conditioning supply sector, which experienced a decline of 8.3% in 2024. This downturn is likely at­tributable to hydrological condi­tions, shifts in export-import struc­tures, changes in domestic consump­tion, or broader fluctuations in eco­nomic activity.

Despite the progress achieved, Georgia must accelerate the devel­opment of its real economy – partic­ularly in industry and agriculture. The country continues to underuti­lize its industrial and agricultural potential. With targeted government support, these sectors could signifi­cantly reduce import dependency and generate tens of thousands of new jobs¹². Such a strategy would also contribute to a substantial re­duction in emigration flows.

According to the Ministry of Ag­riculture of Georgia (https://1tv.ge/ news/soflis-meurne-obis-saministro-2024/, 21.10.2025), agri-food prod­ucts ac­counted for 26% of the coun­try’s total exports in 2024, reaching 107 international markets. The lead­ing export items included wine ($276 million), alcoholic beverages ($186 million), mineral and fresh waters ($163 million), non-alcoholic car­bonated drinks ($139.1 million), and nut crops ($106.2 million), among others. Georgia’s primary export destinations for agri-food products were Russia, the European Union, Azerbaijan, Armenia, Kazakhstan, Ukraine, and Kyrgyzstan.

Despite this export perfor­mance, domestic agricultural pro­duction remains insufficient to meet internal demand. Georgian agricul­tural products often lack competi­tiveness and productivity, hindered by chron­ic underinvestment, land fragmenta­tion, outdated equipment, and low yields. Consequently, the country’s self-sufficiency in agri-food prod­ucts remains low – approximately 40% – while reliance on imports is substantial. The range of imported agricultural and related products is broad and includes:

1. a) Basic foodstuffs and raw ma­terials – cereals and cereal products (e.g., wheat, wheat flour), fats and oils, sugar and confectionery, alco­holic and non-alcoholic beverages (e.g., spirits, beer, coffee);
2. b) Animal-origin products – meat, dairy products, fish, eggs;
3. c) Other agri-food items – to­bacco products, various food addi­tives, animal feed, nut crops, live plants, and seedlings.

Although the volume of Geor­gian agri-food exports has increased, the country remains heavily oriented toward food imports. As a result, the share of imported products in do­mestic consumption remains signifi­cantly high.

Among the various sectors of the economy, tourism warrants particu­lar attention. Georgia is a highly attractive destination, and tourism serves as a vital source of employ­ment and income. In 2024, tourism-related sectors accounted for 7.3% of GDP (compared to 7.2% in 2022), while the number of interna­tional visits reached 6.5 million – 78.8% of which were classified as tourist visits. This represents a 4.6% increase over the corresponding fig­ure in 2023. The largest share of visitors originated from the Russian Federation (22.4%), Turkey (19.0%), and Armenia (12.7%) (ge­ostat.ge, 20.10.2025).

It is worth noting that leading global economies do not typically prioritize tourism as a central pillar of economic development. In con­trast, countries that have adopted tourism as a primary economic strat­egy often face heightened vulnera­bility during global crises – such as the financial downturn or the COVID-19 pandemic – and risk economic default. In the absence of viable alternatives, such dependence can lead to systemic collapse¹³.

Economic Growth

and GDP per Capita

The expansion of Georgia’s economy has been propelled by sus­tained high growth trends. Notably, the post-pandemic period witnessed robust economic performance, with Georgia recording some of its high­est growth rates. In the context of ongoing geopolitical and global challenges, these figures reflect the country’s resilience to external shocks. International institutions forecast continued strong growth for Georgia over the next five years. Current GDP growth rates already surpass those of many other coun­tries, underscoring Georgia’s com­petitive economic trajectory (see Table 2).

Table 2.GDP growth (annual %)

Computed from:https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG,accessed  18.10.2025.

In recent years, Georgia has ex­perienced robust economic growth, driven by increased domestic output and the diversification of foreign markets. This upward trajectory is also reflected in the dynamics of GDP per capita, which has shown a marked growth trend. In 2024, Georgia’s GDP per capita reached $9,191 (or $28,418 in purchasing power parity terms), surpassing the corresponding figures for Armenia, Azerbaijan, and Moldova (see Table 3).

Table 3. GDP per Capita in Georgia, 2021–2024

Source: https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.CD?locations=GE, accessed 21.10.2025.

In recent years, Georgia has rec­orded a substantial increase in GDP per capita – rising by 81% – driven by several key factors. These in­clude sustained real economic growth, the strengthening of the na­tional currency (the lari), rising em­ployment and wage levels, and the continued development of core eco­nomic sectors.

Employment and Unemploy­ment, Inflation and Poverty

Employment and Unemploy­ment. Between 2021 and 2024, the total number of employed individu­als in Georgia increased by 15%, including a 7% rise in employment within the business sector. Over the same period, the national unem­ployment rate declined from 20.6% in 2021 to 13.9% in 2024. However, unemployment remains particularly high among young people aged 18–24¹⁴. Persistent job shortages and inadequate wages continue to drive emigration, as many citizens seek better employment opportunities abroad.

Inflation and Poverty. In the immediate post-pandemic years, Georgia experienced elevated infla­tion rates – 9.6% in 2021 and 11.9% in 2022 – driven by a combination of global and regional factors. These included disruptions in global sup­ply chains, a sharp rise in food pric­es, and the inflationary effects of the Russia–Ukraine war, which led to increased energy and food costs. Additionally, the influx of migrants from Russia and Ukraine heightened domestic demand, while a record surge in remittances from Russia contributed to the appreciation of the Georgian lari, raising the cost of imported goods. By 2023, inflation had moderated to 2.5%, largely due to tighter monetary policy and the gradual restoration of supply chains. In 2024, inflation further declined to 1.1%, falling below the National Bank of Georgia’s target rate of 3%¹⁵.

The recent sharp decline in infla­tion in Georgia has been primarily driven by the following factors: the weakening of external pressures (in­cluding the normalization of com­modity prices), the tight monetary policy implemented by the National Bank of Georgia, and the stabilizing effect of a relatively steady ex­change rate.

Poverty levels – defined as the proportion of the population living below the poverty line –represent a key socio-economic indicator close­ly linked to the broader macroeco­nomic environment. In Georgia, the share of the population living below the absolute poverty line has de­creased significantly, from 17.6% in 2021 to 9.4% as of the latest data¹⁶.

Foreign Direct Investment  (FDI)and Remittances

Foreign Direct Investment (FDI) remains one of the most important drivers of Georgia’s economic de­velopment. It plays a key role in at­tracting capital, fostering technolog­ical advancement, creating jobs, in­creasing capital stock, and support­ing the stability of the national cur­rency exchange rate. In recent years, the inflow of FDI to Georgia has shown volatility. However, the vol­ume of reinvestments – exempt from taxation – and government invest­ments in infrastructure projects has increased, contributing positively to the national economy.

FDI rose by 24.1% in 2024 com­pared to 2021, although similar indi­cators were higher in the two pre­ceding years¹⁷. A significant portion of FDI consists of reinvested earn­ings, which are not subject to taxa­tion. The largest share of foreign direct investment (FDI) in Georgia this year was directed toward the finance and insurance sector (56.4%), followed by real estate (11.4%), energy (9.4%), transport (7.2%), and manufacturing (7.2%). In contrast, investment in agriculture declined. The leading investor coun­tries were the United Kingdom, Turkey, the Czech Republic, and the United Arab Emirates. The share of EU countries in total FDI stood at 28.2%, down from 35% in 2023, while FDI accounted for 4.0% of Georgia’s GDP (see Table 4).

Table 4.  Foreign Direct  Investment, net inflows (% of GDP)

Source: https://data.worldbank.org/indicator/BX.KLT.DINV.WD.GD.ZS, accessed 25.10.2025

In recent years, foreign di­rect investment (FDI) in Georgia has exhibited fluctuating dynamics. A substantial portion of FDI consists of reinvested earnings, while the share of EU countries remains sig­nificant. Only a small fraction of these investments has flowed into agriculture, although state invest­ment in infrastructure projects has notably increased.

       Remittances. Personal remit­tances received in Georgia are sub­stantial, amounting to $4.06 billion – equivalent to 12% of GDP. This fig­ure compares to 13.7% in 2023, 15.4% in 2022, and 14% in 2021. For comparison, remittances as a share of GDP in the same year were 10.5% in Moldova, 5% in Armenia, and 1.8% in Azerbaijan¹⁸.

The scale of remittances high­lights Georgia’s considerable de­pendence on income sent by emi­grants, which is primarily used for household consumption. Although remittances are not a newly generat­ed domestic product and are not di­rectly included in GDP calculations, they exert a significant indirect im­pact. When households spend remit­tance income on goods and services, it stimulates economic activity. If remittances are channeled into in­vestments, they are directly reflected in GDP.

Foreign Trade, Foreign Debt, and International Reserves

Foreign trade. One of the defin­ing features of Georgia’s economy is its persistent trade deficit, which underscores the need to promote exports, substitute imports, and fully leverage free trade agreements such as the Deep and Comprehensive Free Trade Area (DCFTA) with the European Union. Despite this chal­lenge, Georgia’s foreign trade has shown a clear upward trend: be­tween 2021 and 2024, exports of goods increased by 35%, imports by 67%, total trade turnover by 39%, the trade deficit widened by 44.1%, and trade in services grew 2.8 times between 2021 and 2023.

In the current period, Georgia’s major export goods include cars (38.9% of which are re-exported to neighboring countries), precious metals and concentrates (5.4%), al­coholic beverages (3.9%), natural grape wines (3.7%), and ferroalloys (3.0%). The leading export destina­tions are Kyrgyzstan (33.7%), Ka­zakhstan (20.6%), Russia (17.0%), and Azerbaijan (16.6%). European Union countries account for 11.9% of Georgia’s total exports and 25.1% of its imports. The main import partners during the same period are the United States (15.4%), Turkey (15.1%), China (10.7%), Russia (10.1%), and Germany (6.7%)¹⁹.

Reducing Georgia’s chronic trade deficit remains one of the country’s key economic challenges. Addressing this issue requires a sound economic policy that pro­motes diversified exports of domes­tically competitive products, en­courages import substitution, strengthens the use of local infra­structure and transit potential, en­hances macroeconomic stability, and attracts foreign investment.

External debt. The dynamics of Georgia’s state external debt be­tween 2021 and 2025 have been rel­atively stable. The ratio of external public debt (in US dollars) to nomi­nal GDP declined to 36.7% in the first quarter of 2025, down from 51.4% in 2021 and 36.7% in 2024. This improvement is largely at­tributed to robust economic growth and the appreciation of the national currency, the lari. Georgia’s external debt is primarily sourced from mul­tilateral creditors – including the Asian Development Bank, European Investment Bank, World Bank, and International Monetary Fund – as well as bilateral partners such as France, Germany, and Japan²⁰.

Georgia’s public external debt has shown a declining trend relative to nominal GDP, reflecting im­proved macroeconomic conditions.

International reserves. Interna­tional reserves managed by the Na­tional Bank of Georgia, have experi­enced notable growth between 2021 and 2025 – driven by rapid econom­ic expansion, foreign exchange in­flows, and central bank interven­tions. These reserves, composed primarily of foreign currency and supplemented by 7 tons of gold pur­chased since 2024, increased by 27% in 2025 compared to 2021²¹.

Overall, Georgia’s external sec­tor is marked by an expanding for­eign trade balance – including growth in exports, imports, and the trade deficit – a consistently high volume of remittances, a declining ratio of public external debt to GDP, and a rising trend in international reserves.

Conclusion

In the post-pandemic period, the Georgian economy has shown a steady growth trend, with GDP ex­panding across nearly all service and real sectors – tourism has nearly re­turned to pre-pandemic levels, and GDP per capita has risen sharply. Employment has increased modest­ly, particularly in the private sector, while inflation has declined and the absolute poverty rate has improved. The unemployment rate has dropped significantly, and Foreign Direct Investment (FDI) has remained rela­tively stable due to reinvestment, with EU countries contributing a substantial share. Only a small por­tion of FDI flows into agriculture, while a significant part of the popu­lation relies on remittances from emigrants. Exports of goods – large­ly driven by re-exports – along with trade turnover, the trade deficit, and trade in services have all increased. The ratio of external public debt to nominal GDP has decreased, inter­national reserves have grown, and the national currency exchange rate has remained stable.

The future challenges facing Georgia’s economy include sustain­ing high economic growth, increas­ing investment in the real sector, and generating new employment oppor­tunities. Key priorities involve at­tracting foreign investment, boosting the production of competitive do­mestic goods – particularly to meet internal demand – and promoting the development of export-oriented and import-substituting products. Ex­panding and diversifying export markets, making fuller use of do­mestic resources, and establishing an effective employment system are essential for further reducing pov­erty and unemployment. Maintain­ing low inflation and a stable na­tional currency remains critical, alongside fostering the emergence of regional financial markets and cen­ters. Strengthening mutually benefi­cial relations with neighboring coun­tries – especially with the European Union and other international part­ners – will also be vital to long-term economic resilience and integration.

Notes

• org/indicator, (accessed 17.10.2025).
• Atanelishvili, Economic reforms in the Democratic Republic of Georgia, Universali, 2006.
• Basilia, A. Silagadze, & T. Chikvaidze, The economy of post-socialist Georgia on the threshold of the 21st century, Tbilisi, 2001.
• Papava, The International Monetary Fund in Georgia: Achievements and mistakes Tbilisi Publishing House, 2000, https://dspace.nplg.gov.ge/bitstream/1234/473506/1/SaertashorisoSavalutoFondiSaqartveloshi_2000.pdf (Accessed October 23, 2025), and Idem, Macroeconomics of the post-communist transition period, Tbilisi University Press, 2005, https://www.researchgate.net/publication/320735954_postkomunisturi_gardamavali_periodis_makroekonomika (Accessed October 25, 2025).
• Tvalchrelidze, A. Silagadze, G. Keshelashvili, & D. Gegia, Georgia’s social economic development program. Nekeri, 2021, https://www.researchgate.net/publication/320010393_ (Accessed October 25, 2025).
• Zubiashvili, A. Silagadze, & I. Kutubidze, „The impact of migration on the development of economy and demography of Georgia in the period of globalization”, Bulletin of the Georgian National Academy of Sciences, 17(3), 2023, http://science.org.ge/bnas/vol-17-3.html (Accessed October 25, 2025).
• Mekvabishvili & T. Atanelishvili, „Personal remittances in the post-Soviet countries: Comparative analysis”, Bulletin of the Georgian National Academy of Sciences, 11(3), 2017, http://science.org.ge/bnas/vol-11-3.html (Accessed October 23, 2025).
• Silagadze, „Covid depression and search for a new paradigm”, Bulletin of the Georgian National Academy of Sciences, 16(1), 2022 http://science.org.ge/bnas/vol-16-1.html (Accessed October 23, 2025).
• Silagadze, E. Mekvabishvili, G. Gaganidze, T. Atanelishvili, & M. Chikviladze, „Adaptation of the economic policies of the US, EU and post-Soviet countries to new realities of the global economy: A comparative analysis”, Scientific Bulletin of Mukachevo State University. Series Economics, 11(4), 2024, (Accessed October 25, 2025).
• org/indicator, (accessed 25.10.2025).
• ge, (accessed 18.10.2025).
• Tvalchrelidze, A. Silagadze, G. Keshelashvili, & D. Gegia, Georgia’s social economic development program. Nekeri, op.cit.
• Ibidem, pp. 254-256.
• https://www.geostat.ge/ka/modules/categories/683/dasakmeba-umushevroba, (accessed 24.10.2025)
• https://data.worldbank.org/indicator/FP.CPI.TOTL.ZG?locations=MD-GE-AM, ( accessed 24.10.2025)
• Geostat, (accessed 24.10.2025).
• Geostat, (accessed 22.10.2025)
• World Bank, (accessed 23.10.2025)
• Geostat, (accessed 22.10.2025)
• Ministry of Finance of Georgia, (accessed 24.10.2025).
• National Bank of Georgia, (accessed 24.10.2025).

Bibliography

Books and Monographs

ATANELISHVILI, T., Economic reforms in the Democratic Republic of Georgia, Universali, 2006.

BASILIA, T., SILAGADZE, A., & CHIKVAIDZE, T., The economy of post-socialist Georgia on the threshold of the 21st century, Tbilisi, 2001.

Journal Articles and Reports

SILAGADZE, A., MEKVABISHVILI, E., GAGANIDZE, G., ATANELISHVILI, T., & CHIKVILADZE, M., „Adaptation of the economic policies of the US, EU and post-Soviet countries to new realities of the global economy: A comparative analysis”, Scientific Bulletin of Mukachevo State University. Series Economics, 11(4), 2025.

Online resources

MEKVABISHVILI, E., & ATANELISHVILI, T., „Personal remittances in the post-Soviet countries: Comparative analysis”, Bulletin of the Georgian National Academy of Sciences, 11(3), 2017, http://science.org.ge/bnas/vol-11-3.html.

PAPAVA, V., The International Monetary Fund in Georgia: Achievements and mistakes, Tbilisi, Publishing House, 2000. https://dspace.nplg.gov.ge/bitstream/1234/473506/1/SaertashorisoSavalutoFondiSaqartveloshi_2000.pdf.

IDEM, Macroeconomics of the post-communist transition period, Tbilisi University Press, 2005, https://www.researchgate.net/publication/320735954_postkomunisturi_gardamavali_periodis_makroekonomika.

SILAGADZE, A., „Covid depression and search for a new paradigm. Bulletin of the Georgian National Academy of Sciences, 16(1), 2022, http://science.org.ge/bnas/vol-16-1.html.

TVALCHRELIDZE, A., SILAGADZE, A., KESHELASHVILI, G., & GEGIA, D. (2021). Georgia’s social economic development program, Nekeri, https://www.researchgate.net/ publication/320010393_.

ZUBIASHVILI, T., SILAGADZE, A., & KUTUBIDZE, I., „The impact of migration on the development of economy and demography of Georgia in the period of globalization”, Bulletin of the Georgian National Academy of Sciences, 17(3), 2023,

http://science.org.ge/bnas/vol-17-3.html

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Ministry of Finance of Georgia. (n.d.). https://www.mof.ge

Ministry of Economy and Sustainable Development of Georgia. (n.d.). https://www.economy.ge

Ministry of Rural Development of Georgia. (2024). https://1tv.ge/news/ soflis-meurneobis-saministro-2024