







































Georgian Geographical journal 

2021, Vol.1 (1) 70-83 

ECONOMIC POLICY OF GEORGIA IN THE FACE 

OF CHALENGES RELATED TO GLOBAL 

PANDEMIC 

Sofiko Dzhvarsheishvili1 Ucha Gogrichiani2  

Abstract 

Issue of pandemic crisis is actual nowadays, it is under attention of international and national 

scientists and is well reviewed in different types of literature. During the Covid -19 the 

attention of the Georgian government fully focused on the problem of health of Georgian 

people, while the economy of the country was partially paralyzed. Information included in the 

research strategy of the article were collected from multiple sources: documentary evidence, 

scientific literature analysis and statistical analysis. The scientific aim of the research is to 

highlight the current Georgian economic challenges related to pandemic. The authors had an 

objective to investigate social-economic outcomes in Georgia during the pandemic, to explore 

the major determinant of country’s economic development such as unemployment, foreign 

direct investment (FDI), gross domestic product (GDP) exports and imports, remittances, 

service sector. This paper examines the impact of the Covid-19 crisis on the current important 

social-economic processes of the country, to generalize them in order to form proper opinions. 

Findings based on research suggest that the economic situation in Georgia is difficult, 

therefore all the parties that could influence the positive changes in economy should be 

informed and involved in every project planned by the local government and international 

organizations that provide opportunities to foster the process of regional economic 

development.  Authors also provides recommendations how to increase the competitiveness 

of the country in the future. Pandemic for Georgia is not only a crisis, but also an opportunity 

to build a new economy, but it is clear that the world will never be the same as it was before 

Covid-19.  

Keywords: Pandemic, unemployment, foreign direct investment, economic growth, foreign 

trade, economy of Georgia; 

Introduction 

The main problem the world is facing today is the on-going spread of the new 

infection named Covid-19, causing one of the biggest challenges for the health system 

all over the world, as well as for global economy.  Pandemic created economic 

problems in many countries and it pushed the whole world into the recession.  

The spread of the coronavirus in Georgia is characterized by economic shocks:  

Increase of unemployment, restrictions imposed on people’s economic activities 

causing the strongest supply shocks, economic sectors being partially paralyzed, 

breaking local and global supply chains, the economy experiencing quite significant 

 
1 Department of Human Geography, Vakhushti Bagrationi Institute of Geography, Ivane 

Javakhishvili Tbilisi State University; Tbilisi, Georgia, sofiko.dzhvarsheishvili@tsu.ge 
2 Faculty of Economics and Business, Ivane Javakhishvili Tbilisi State University, Tbilisi, 

Georgia, ucha.gogrichiani@tsu.ge 

 



Georgian Geographical journal 

damage, there is an effect of its inhibition due to the limitations of certain activities 

which hinders of the economic growth and deepens the economic crisis.   

 

The present analysis focuses on the impact of pandemic in Georgia and its 

economic outcomes. Authors try to answer the following questions:  

1. How is the situation with pandemic in the world by World Health Organization 

and in Caucasus countries?  

2. When was the spread of Covid -19 recognized in Georgia?  

3. What is the unemployment rate in Georgia in the time of Covid-19?  

4. How does pandemic affect foreign direct investment, gross domestic product, 

foreign trade, remittances and tourism sector in Georgia? 

The following research methods have been used by authors: statistical analysis, 

comparative, quantitative and qualitative analysis. Authors used articles of Georgian 

and foreign scientists, materials from periodicals, data from the World health 

organization, World Bank, National Statistics Office of Georgia and National Bank 

of Georgia. 

There is a big interest in how the crisis develops and what it can lead the economy 

to. While the effects of the crisis are just unfolding, it is not possible to assess what it 

will lead to and what damage is caused. In this period of time, the assessment of real 

social and economic situation in Georgia is relevant.  

An overview 

The Covid-19 outbreak was founded in December 2019 in Hubei province of 

China in the city of Wuhan; Allam (2020).  The pandemic officially started when the 

World Health Organization (WHO) declared it in March 2020. Until now the virus 

continues to spread across the world. Global situation reported by World Health 

Organization on 22.11.2020 the Coronavirus is affecting 216 countries, including 

58426059 peoples with confirmed Covid-19 and 1385223 cases of deaths. At the 

beginning of this year WHO has declared a public health emergency and decided to 

fight against it locally according to individual countries for reducing human infection 

and preventing secondary transmission, as well as international spread (World Health 

Organization, 2020). 

As shown in Fig.1, in America and in Europe there is a concentration of more 

cases compared to other regions, although initially the epicenter of the outbreak was 

China. This year will be recorded in the world history as the year of the coronavirus 

pandemic and the global fight against it (Archvadze, 2020). 

The Covid-19 pandemic pushed world economies into a great lockdown.  Almost 

all international flights, as well as all means of transport stopped in the vast majority 

of developed countries. Therefore, oil prices reached low level due to historical index 

of drop of demand (Silagadze and Tvalchrelidze, 2020). In long term period scientists 

are expecting graver problems in economics. Pandemic will reduce the economic 

growth of the countries worldwide, through lower investment, increase of 

unemployment and fragmentation of global trade and supply linkages. 

Georgia confirmed its first Covid-19 case on February 2 (Garda World, 2020). 

Attention of Georgian governments and, of course, international organizations are 



Dzhvarsheishvili and Gogrichiani 

 

fully focused on the problems of human health. Georgian government is aware of the 

threat the health system is facing as it could collapse because of a rapid increase of 

infections. Therefore, to prevent spread of infection, all flights were suspended, entry 

restrictions for foreigners were imposed, borders were closed, business and state 

institutions were closed and public life was shut down. It was important at the 

beginning to slow down the growth of cases of infection with major cuts in social and 

economic life (Gilauri, 2020)) and on 21.03.2020 Georgia declared the state of 

emergency (Civil.ge, 21.03.2020). On May 23, after 63-days of lockdown the 

Georgian government decided to ease most of the restrictions, while left some of the 

regulations in place (Civil.ge, 31.05.2020). 

 

 
Fig 1. Situation by WHO Region on 22.11.2020 

Source: Created by the authors based on data from World Health Organization 

https://covid19.who.int/?gclid=EAIaIQobChMItcTSurmk6wIVDBd7Ch3PuAOrEAAYASAAEgIZo_D_

BwE  

 

Table 1. Covid-19 situation in South Caucasus as of 22.11.2020 

Countries Total Cases Total Deaths Total Recovered 

Armenia 126224 1952 94090 

Azerbaijan 93094 1131 63841 

Georgia 104732 976 85639 

Source: Created by the authors based on data from https://www.worldometers.info/coronavirus/#countries 

 

According to data from Tab.1, Georgia stands out in keeping mortality rates 

relatively low compared with the neighborhood countries. 

At the same time, the necessary protection measures had a severe negative impact 

on economic activities not only for Georgia but worldwide. We will try to analyze 

the changes brought by the pandemic to Georgia’s economic and social relations. 

24563600

16873383

10367553

3796649

1446041 834216
0

5000000

10000000

15000000

20000000

25000000

30000000

Americas Europe South-East

Asia

Eastern

Mediteranien

Africa Western

Pacific

https://covid19.who.int/?gclid=EAIaIQobChMItcTSurmk6wIVDBd7Ch3PuAOrEAAYASAAEgIZo_D_BwE
https://covid19.who.int/?gclid=EAIaIQobChMItcTSurmk6wIVDBd7Ch3PuAOrEAAYASAAEgIZo_D_BwE
https://www.worldometers.info/coronavirus/#countries


Georgian Geographical journal 

Average salaries, unemployment rate and number of locally registered businesses 

is different in various regions of Georgia. Traditionally, major part of the economy is 

concentrated in Tbilisi. The impact of coronavirus in Georgia as a small economy 

country is significant. 

By the beginning of March, all the schools, institutions, universities were closed 

and almost all organizations started working online using different online platforms. 

This has given a very strong impetus to the Georgian digital economy (Gaganidze, 

2020). 

All shops except grocery stores, pharmacies, banks and gas stations were closed. 

Many people working in private sector lost their jobs. Georgian Government 

compensated people who lost their jobs because of the coronavirus crisis. Behavior 

of the people changed, they started staying home, because this was required by the 

government. The lack of money caused by pandemic negatively affected the 

consumption (Babych et al. 2020).  
Unemployment rate is even more alarming as Fig.2 shows in the second quarter 

of 2020. The unemployment indicator in Georgia increased by 0.9 percent compared 

to the corresponding period of the previous year and equaled to 12.3 percent; National 

Statistics Office of Georgia (2020).  The real figure could be significantly higher, as 

many people are not registered formally. 

 

 
Fig. 2. Unemployment rate in Georgia % 

Source: Created by the authors based on data from National Statistics Office of Georgia 

www.geostat.ge 

The unemployment rate in Georgia is higher for men than for women. The Fig.3 

below presents the unemployment rate by sex during 2018-2020. In the second 

quarter of 2020, compared to the corresponding period of the previous year, this 

indicator was increased for women, as well as for men by 1.8 and 0.1 percentage 

points, respectively, but if we compare it with first quarter of 2020, we will see that 

it increased for women from 9.4% to 11.8% and decreased for men from 14% to 

12.7%. This speaks for the fact that in time of pandemic women are interested in 

gaining greater and more opportunities.  

Even though the unemployment rate in rural areas is much lower than in urban 

settlements, one cannot assume that the rural people are richer than people in the 

14

12.1 12.2 12.3 12.8

11.4 11.1 10.9
11.9 12.3

0

2

4

6

8

10

12

14

16

I Q.2018 IIQ.2018 IIIQ.2018IVQ.2018 IQ.2019 IIQ2019 IIIQ.2019IVQ.2019 IQ.2020 IIQ.2020

http://www.geostat.ge/


Dzhvarsheishvili and Gogrichiani 

 

towns. On the contrary, the problem of poverty is very acute in the regions of Georgia 

what can be explained by little priority given to the agriculture (Abesadze, 2014). 

 
Fig. 3. Unemployment rate by sex% 

Source: Created by the authors based on data from National Statistics Office of Georgia 

www.geostat.ge 

 

 
Fig. 4. Unemployment rate by Urban-Rural areas 

Source: Created by the authors based on data from National Statistics Office of Georgia 

www.geostat.ge 

In the second quarter of 2020 the unemployment rate in urban settlements was 

increased by 2.3 percent compared to the corresponding period of the previous year, 

while in rural settlements the rate was reduced by 0.3 percent.       

If we compare with previous quarter, it also increased for urban areas but 

decreased for rural areas and this is represented on Fig.4. This trend is caused by the 

fact that during the coronavirus, people who lost their jobs in the cities, but owned 

land plot, moved to their residential villages and started to run private farming. This 

situation has led to internal labor migration from urban to rural areas. 

Georgia is among the leaders with the unemployed workforce with higher 

education levels. This means that the educated workforce is idle and cannot contribute 

to the country’s economy (Economic Policy Research Centre, 2011). 

0

2

4

6

8

10

12

14

16
15.5

13.7
13 13.6

14.6

12.6
11.9 12

14
12.7

12.3
10.4

11.3 11 10.7
10 10.2 9.6 9.4

11.8

Men

Women

0

10

20

30 22
18.1 18.3 18.8 19.4 17.5 16.6 16.3 17.6 19.7

5.8 5.9 6 5.6 6 5.1 5.5 5.5 6.1 4.7

Urban Rural

http://www.geostat.ge/
http://www.geostat.ge/


Georgian Geographical journal 

A drop in demand for goods and services in the region, affected the overall 

economy via trade, foreign direct investment and production. Foreign direct 

investment (FDI) is one of the main indicators for Georgia.   

 

 
Fig. 5. Dynamics of FDI in Georgia (Million US Dollars). 

Source: Created by the authors based on data from National Statistics Office of Georgia 

www.geostat.ge 

The Fig.5 shows that foreign direct investment in Georgia in the first quarter of 

2020 in comparison with the same period of 2019 has decreased by 41.7 percent. It 

also decreased when we compare it with previous quarter - from 347 million USD in 

fourth quarter of 2019 to 165.4 million USD in the first quarter of 2020.  The main 

reason for a decrease of the FDI is, of course, the beginning of the pandemic, because 

foreign investors preferred to invest in safe assets (National Statistics Office of 

Georgia, 2020).  

 

 
Fig. 6. FDI by major investor countries in Q1 2020. 

Source: Created by the authors based on data from National Statistics Office of Georgia 

www.geostat.ge 

 

323.5

403.6

367

171

283.6

209.8

427.4

347

165.4

0

50

100

150

200

250

300

350

400

450

IQ.2018 IIQ.2018 IIIQ.2018 IVQ. 2018 IQ.2019 IIQ.2019 IIIQ.2019 IVQ. 2019 IQ.2020

United Kingdom

44%

United States

17%

Panama

12%

Denmark 

7%

Netherlands

7%

Turkey

7%

Other countries

7%

United Kingdom

United States

Panama

Denmark

Netherlands

Turkey

Other countries

http://www.geostat.ge/
http://www.geostat.ge/


Dzhvarsheishvili and Gogrichiani 

 

According to the data from National Statistics Office of Georgia, significant 

amount of foreign direct investment in the first quarter of 2020 comes on Tbilisi and 

Adjara.  

The share of Tbilisi in total investment is still high and is about 70%, while in 

Adjara it is 12.3%. Small amounts of foreign direct investment feature in the 

following regions: Guria, Samtskhe-Javakheti, Racha-Lechkhumi and Kvemo 

Svaneti. This shows that the capital of Georgia and Adjara are the most attractive 

regions for foreign investors, compared to other regions. 

As shown on Fig.6, foreign direct investments (FDI) in Georgia amounted to USD 

165.4 million of which more than 50% come from the European Union. As we already 

mentioned the volume of FDI in first quarter of 2020 is relatively low, therefore, the 

state should pay more attention to this problem and try to maintain the urban and rural 

population and promote economic growth and development of the regions, and also 

attract foreign investors to invest more not only in Tbilisi and Adjara but in other 

regions of Georgia as well, which in turn will create new jobs and reduce 

unemployment (Dzhvarsheishvili, 2018). 

According to preliminary estimates, the country’s gross domestic product will 

decrease by 4.0% - 5.0% and the country’s foreign debt will increase sharply 

(Mekvabishvili, 2020). 

 
Table 2. Gross Domestic product of Georgia 

Indicators QI 2019 QI 2020 

GDP at current prices (mil. 

US Dollars) 

3 823.0 3 780.3 

GDP per capita (US Dollars) 1 026.7 1 017.1 

Real GDP growth rate (%) 5.0 2.2 

Source: Created by the authors based on data from National Statistics Office of Georgia 

www.geostat.ge 

 

Let’s turn to this Tab.2 which shows that in first quarter of 2020 the nominal gross 

domestic product (GDP) amounted to US Dollars 3 780.3million. The real growth 

rate of GDP equaled to 2.2 percent year-over-year, while the same indicator in the 

first quarter was 5.0 percent. This indicates that economic growth and development 

in Georgia in pandemic time are also low. If companies expect a slowdown in 

demand, they will also delay investment, and GDP will decline further. 

One of the most important factors contributing to a country’s foreign currency 

inflow and country’s development is foreign trade.     

The export in January – July 2020 comprised 1758.5 million USD. There was a 

decrease of approximately 17 % over the last year, while import amounted to 4272.1 

million USD, or 18 % less. According to the National Statistics Office of Georgia, 

trade balance during January-July 2015-2020 of the country is negative (National 

Statistics Office of Georgia, 2020). 

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Georgian Geographical journal 

Fig.8 shows that in January-July 2020 the share of the top ten trading partners by 

exports in the total exports of Georgia amounted to 77.2 percent. The top partners 

were China (USD 248.3 million -14%), Azerbaijan (USD 230.7 million -13.1%) and 

Russia (USD 229.1 million – 13.0%).  

Fig. 7. General data on external trade of Georgia in January-July 2015-2020 (million USD). 

Source: Created by the authors based on data from National Statistics Office of Georgia 

www.geostat.ge 

 

 
Fig. 8. Top trading partners by exports in January-July 2020 

Source: Created by the authors based on data from National Statistics Office of Georgia 

www.geostat.ge 

 

According to Fig.9, below, we can see that in January-July 2020 the share of the 

top ten trading partners by import in the total imports of Georgia amounted to 70 

percent. The top 3 partners were Turkey (USD 728.6 million -17% of total imports), 

Russia (USD 473.0 million -11% of total imports) and China (USD 379.3 million – 

9.0% of total imports). 

 

1268.2 1124.3 1457.2 1885.4 2113.4 1758.5

4104.6 3924.9 4274.3
5329.1 5201.4

4272.1

-2836.4 -2800.6 -2817.1
-3443.7 -3088

-2513.6
-4000

-2000

0

2000

4000

6000

2015 January-

July

2016 January-

July

2017 January-

July

2018 January-

July

2019 January-

July

2020 January-

July

Export Import Balance

China

14%

Azerbaijan

13%

Russia

13%

Bulgaria 

11%
Turkey

7%

Armenia

6%

Ukraine 

5%

Switzerland

3%

Spain

3%

United States 

2%

Other countries

23%

China

Azerbaijan

Russia

Bulgaria

Turkey

Armenia

Ukraine

Switzerland

Spain

United States

Other countries

http://www.geostat.ge/
http://www.geostat.ge/


Dzhvarsheishvili and Gogrichiani 

 

 
Fig. 9. Top trading partners by imports in January - July 2020 

Source: Created by the authors based on data from National Statistics Office of Georgia 

www.geostat.ge 

 

The data from National Statistics Office of Georgia illustrates that Copper ores 

and concentrates ($391.3 million - 22.3 percent of total exports) claimed first place 

in the list of top export items of Georgia during January-July 2020, second place is  

motor cars  ($198.5 million -11.3%) and third place – Ferro-alloys ($130.1 million -

7.4 %), while the three  top imported commodities were in January-July 2020 were–  

1.Motor cars  ($383.4 million  9% of the total imports); 2.Copper ores and 

concentrates ($290.8 million  6.8 %); 3.Petroleum and petroleum oils ( $278.6 million 

- 6.5 % ). 

Trade of all commodities, except for food and medicine, is projected to decline, 

depending on the duration of the shock.  

The data from National Statistics Office of Georgia shows that significantly 

decreased imports from the different countries such as China - 24%, USA - 30% and 

European Union, approximately - 45%. Georgia is an import - consumer country, 

which means that the local production cannot meet country's economy, which is why 

a chronical trade imbalance is in place in the country. Under such condition’s exports 

decrease due to the “paused” economy (Shengelia, 2020). 

According to National Statistics Office of Georgia, in July 2020 the domestic 

producer price index for industrial products (DPPI) increased by 0.3 percent 

compared to the previous month. In the mentioned period the prices for electricity, 

gas, steam and air conditioning were 2.1 percent higher. Compared to July 2019 the 

DPPI increased by 4.0 percent. The prices went up for manufactured products by 

5.5%, for mining and quarrying products by 5.9 percent and for products from 

electricity, gas, steam and air conditioning by 3.0 percent. With regard to the annual 

core inflation, the prices increased by 6.6 percent. 

Let’s consider business sector and the production value of it. As evident from 

fig.10 below, there is a growth tendency in the production value of the business sector.       

Turkey

17%

Russia

11%

China

9%

Azerbaijan

7%
United States

6%

Armenia

6%

Germany

5%

Ukraine

5%

Italy

2%

Japan

2%

Other countries

30%

Turkey

Russia

China

Azerbaijan

United States

Armenia

Germany

Ukraine

Italy

Japan

Other countries

http://www.geostat.ge/


Georgian Geographical journal 

 

 
Fig. 10. Change in the production value by quarters (billion GEL) 

Source: Created by the authors based on data from National Statistics Office of Georgia 

www.geostat.ge 

In the first quarter of 2020, its volume equaled to 10.3 billion GEL, which 

compared with the IV quarter of 2019 declined by 23%. 

Tourism is one of the important sectors for the economic growth in Georgia. In 

2020, tourism arrivals and receipts declined sharply as a result of the numerous travels 

bans and precautionary measures. Inevitably, shutting down hotels, restaurants, cafes 

and bars, closing all ski resorts in the middle of the skiing season, closing the borders 

to passenger travel and banning foreign nationals from entering the country along 

with suspending the air traffic was what hit the tourism industry the most; Mills 

(2020).  Due to the pandemic this sector is losing approximately 30 million GEL per 

month; Report news agency (2020). In the modern context of the relations between 

the European Union and Georgia especially noteworthy is that the European Union 

Member States had finally approved the list of 15 countries, including Georgia, 

considered as safe country due to epidemiological situation, (Papava, 2020) which 

could cautiously have contributed to restarting the tourism industry even under the 

coronavirus conditions. Georgia opened its doors to foreign tourists after months of 

lockdown - domestic tourism started on 15 June and international tourists were 

admitted to country since July 1st. A total of 1 236 tourists visited Georgia between 

July 22 – August 15, 2020, including Georgian citizens with dual citizenship in 14 

countries, or those who have the right of long-term residence abroad (Agenda.ge 

news, 2020). 

Due to pandemic the World Bank provided $80 million in financial support to 

Georgia to help the government’s efforts to mitigate and address the health and social 

impacts of the COVID-19 infection (The World Bank, 2020). 

Remittances also play an important role in the Georgian economy. As shown on 

Fig.11, [National Bank of Georgia (2020)] in the time of Covid-19, remittances from 

other countries reduced as well.  In April 2020, its volume equaled to $79078.5mill., 

which compared with the February 2020 indicators declined by 58%. People during 

February - April 2020 in other countries had less money to send to their families and 

relatives under a “paused” economy (Papava and Charaia, 2020).   Most of the 

remittances come from Russia, Italy, USA, Greece and Israel, and due to pandemic 

6.5
7.5 8.2 8.8

7.5
8.9

10.3 10.5
8.7

10 10.7 11.5
9.5

11.2
12.8 13.4

10.3

http://www.geostat.ge/


Dzhvarsheishvili and Gogrichiani 

 

remittances from those countries in the period from February to April are also 

reduced. 

 

 
Fig. 11. Remittances by country (February - April 2020) USD million 

Source: Created by the authors based on data from National Bank of Georgia www.nbg.gov.ge 

Conclusion 

The spread of the coronavirus disease had a considerable negative impact on the 

economy of Georgia and increases poverty level and economic imbalance. Based on 

the above-mentioned facts, we may conclude that the pandemic had an adverse 

influence on the health system and economics of the whole world. This virus spreads 

rapidly. In pandemic time Georgia had high unemployment rate, people lost their 

jobs, which led to reduction in consumption. The pandemic acted as a main factor of 

the decline in GDP and FDI. As a result of the restrictions on travel, the tourism sector 

was among severely hit sectors, therefore, when demand decreases for services 

industry, other sectors also decrease their production, since their product is now less 

needed as an intermediate good; GALT and TAGGART (2020).   Moreover, based 

on the information and statistics provided by the National Statistics Office of Georgia, 

we observed a considerable decrease in the volumes of exports and imports as well. 

Remittances are an essential pillar of the Georgian economy – this type of income 

has also significantly decreased in the time of pandemic and is missing from the 

families as well as from the entire economy. 

However, there is also a huge opportunity for the government to refresh Georgian 

economy in the future. It is important to attract more foreign investors to invest in the 

country’s economy, to pay more attention to promoting local production, which will 

enable the government to reduce the unemployment rate. The focus should be on the 

development of regions in the areas of agriculture, manufacture, medicine, 

biotechnology and healthcare system and digital economics (Abesadze, 2020).  It is 

also important to properly promote the sciences in all fields. 

The situation with pandemic in Georgia is extraordinary, each new day brings a 

new picture of reality (Kovzanadze, 2020). But in any case, we should be optimistic 

because, optimism brings new opportunities and new challenges. 
 

 

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T O T A L R U S S I A N  
F E D E R A T I O N

I T A L Y U S A G R E E C E I S R A E L

February March April

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Georgian Geographical journal 

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