ON SOME ASPECTS OF THE DEPENDENCE OF ECONOMIC DYNAMICS ON THE COVID PANDEMIC

  • JOSEPH ARCHVADZE
Keywords: Covid pandemic, economic crisis, lockdown, infection, fatalities.

JOSEPH ARCHVADZE

Ph.D (Economics)

Professor of Kutaisi University

Kutaisi, Georgia

E-mail: daswreba@yahoo.com

orcid-og-image4.pnghttp://orcid.org/0000-0003-0288-288X

 

Abstract

Georgia is an open economic system and, as such, is highly correlated with both the economic preferences of globalization and the dangers arising from this circumstance. A striking example of this is the spread of Covid19 in Georgia, which has already clashed with three waves of the pandemic and has accumulated some experience in finding optimal ways to overcome the negative socio-economic consequences caused by this circumstance.

The negative consequences of the past waves of the pandemic for the economy and health care system of Georgia had different scales in their consequences. In particular, during the first wave, the main blow was dealt to the country's economy, the second wave dealt the main blow to the health of Georgian citizens, and the range of negative consequences of the third wave was almost equally "redistributed" between the health of citizens and the economy.

In preparing the article, official materials from Georgia and international organizations were used, as well as domestic and foreign literature on the relevant topic.

Despite a large-scale and intensive study, over the past period since the beginning of the pandemic, it was not possible to find an unambiguous answer whether there is a rigid link between the scale of the economic decline and the scale and depth of the pandemic. - The volatility of the relationship between them is large and its scale is determined specifically for individual countries and periods of time, determined by many interdependent factors (administrative, medical, cultural, psychological, etc.).

Examples from individual countries confirm that even under the same conditions of restriction or liberalization, there are significant differences between the incidence of infection and deaths from covid19, on the one hand, and economic fluctuations, on the other.

During the first 7-8 months after the start of the pandemic, Georgia had a significantly better epidemic situation compared to its land-based neighbors and the world average. However, the second wave of the pandemic for the health care system and the economy turned out to be so negative that, in terms of the quality indicators of medicine and health care, Georgia significantly lagged behind the aforementioned states and the world average. This lag, despite some stabilization of the epidemic and economic situation, has not been fully overcome to this day.

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Published
2021-08-16