THE BLUE ECONOMY: A NEW WAY TO SOLVE ENVIRONMENTAL AND ECONOMIC PROBLEMS

Nestan Varshanidze

Batumi Shota Rustaveli State University

Georgia

https://orcid.org/0000-0001-8892-0300

Purpose. This work was supported by Shota Rustaveli National Foundation of Georgia (SRNSFG) [grant number MR-21-1059]. This paper discusses the Blue Economy, which responds to the UN Sustainable Development Goals (Goal 1; 8; 14:15; 17). The purpose of the study is to analyze the possibilities of formation of the Blue Economy and its implementation in the world and in Georgia. In order to achieve this goal, among other tasks, it is planned to solve such a task as describing the usefulness of the Blue Economy in economic, social and ecological directions; Review and analysis of theoretical foundations and practical experience of the Blue Economy.

Methodology / approach. The research uses methods of analysis, synthesis, deduction, comparison, as well as expert assessments, theoretical studies of international organizations and scientific-economists. Also, a case study method.

Results. The paper discusses the strategic direction and challenge of the Blue Economy as a modern, innovative policy that contributed to the economic strengthening, development and inclusive growth of the country. The experience of the leading countries clearly shows that without the policy of stimulating at the national level, in the conditions of the active role of the countries, individual regions would not be able to consider and improve the existing economic, ecological and social aspects.

Originality / scientific novelty. The scientific novelty lies in the fact that the information and scientific conclusions about the modern Blue Economy are provided in a systematized format to the Georgian scientific community and interested parties. It should be noted that researches are rarely conducted in this direction and scientific literature in Georgian is scarce, which adds even more importance to it.

Practical value / implications. For Georgia, as a country rich in water resources in the Black Sea region, studying the successful experience of the Blue Economy and implementing the recommendations based on the research will contribute to the process of introducing and integrating the principles of the Blue Economy in Georgia, not only in the country, but also in the region.

Keywords: Blue Economy, Principles of the Blue Economy, Sustainability, Black Sea, Georgia.