ჟურნალი ეკონომისტი

Journal N2, 2026 content

journal N2 2026 შინაარსი - C O N T E N T S რევაზ ჯავახიშვილი -90 10 რეგიონული ეკონომიკა – REGIONAL ECONOMY Vakhtang Burduli– Development of Georgian economic sectors in the context of modern challenges to socio-economic security 13 ვახტანგ ბურდული –საქართველოს ეკონომიკის სექტორების განვითარება სოციალურ-ეკონომიკური უსაფრთხოების თანამედროვე გამოწვევების კონტექსტში (რეზიუმე) 25 მაკროეკონომიკა – MACROECONOMICS ნაზირა კაკულია –
2026-06-22

Journal number 2 ∘ Vakhtang Burduli ∘

Development of Georgian economic sectors in the context of modern challenges to socio-economic security

DOI kodi: 10.52340/ekonomisti.2026.02.01 Annotation. This article examines the development of Georgias economic sectors in the context of contemporary socioeconomic security challenges. It systematizes contemporary challenges and threats to socioeconomic development security in the context of a small country and discusses their impact on the changing sectoral structure of the Georgian economy. Within the framework of these circumstances, measures have been proposed for the further development of certain sectors of the Georgian economy (energy and electrical technologies, other technologies in the green economy, information and communication technologies being disseminated in various sectors, technologies in the field of composite materials, and certain sectors of heavy and light industry). Key words: economic sectors, challenges and threats, socio-economic security, innovation. Introduction This paper discusses the concept of socioeconomic security. It examines indicators of
2026-06-22

Journal number 2 ∘ Nazira Kakulia ∘

Fiscal Policy and Indices for Assessing the Challenges of Green Economy Formation

DOI kodi: 10.52340/ekonomisti.2026.02.02 Expanded Summary This article examines the role of environmental protection expenditures implemented through fiscal policy in the process of shaping a green economy. It also analyzes selected aspects of the environmental sustainability of a country\\'s economic development. The study explores several internationally recognized indices, including the Green Growth Index (GGI) developed by the Global Green Growth Institute (GGGI), and the Global Green Economy Index (GGEI), which measures both the current level of “greenness” of a country\\'s economy and the extent to which its economic policies are oriented toward environmental sustainability. A third indicator employed in the analysis is the Environmental Performance Index (EPI), which is widely used at the global level to assess and compare environmental conditions across countries. The EPI provides a quantitative evaluation of a country\\'s environmental performance as
2026-06-22

Journal number 2 ∘ Tariyel Musallim Qurbanov ∘ Kenan Samir Huseynov ∘

CONTEMPORARY TRENDS IN THE RELATIONSHIP BETWEEN INCOME INEQUALITY AND INCLUSIVE DEVELOPMENT

DOI kodi: 10.52340/ekonomisti.2026.02.03 Annotation. This article presents a comparative analysis of the interrelationship between income inequality, economic growth, and poverty indicators in the global economy and in the context of Azerbaijan over the period 2015–2024. Despite the sustained growth of GDP at the global level, the average Gini coefficient worldwide has remained high (within the range of 0.646–0.667) owing to the inequitable distribution of the value added generated, reaching its maximum (0.661–0.662) in particular under the impact of the 2020 pandemic. These trends weaken the social efficiency of economic growth and render the institutional intervention of the state indispensable for the realisation of the principles of inclusive development. The article shows that, based on an analysis of the Azerbaijani experience, the socially oriented economic policy pursued in the country — the increase of the minimum wage and pensions, targeted social
2026-06-22

Journal number 2 ∘ Givi Bedianashvili ∘ Murman Tsartsidze ∘ Nazira Kakulia ∘ Malkhaz Chikobava ∘ Marina Tabatadze ∘ Zviad Gabroshvili ∘ Giorgi Meparishvili ∘

Confrontational Globalization and Global Supply Chain Disruptions: Macroeconomic Aspect

DOI kodi: 10.52340/ekonomisti.2026.02.04 Expanded Summary In the conditions of increasing confrontational globalization, geoeconomic fragmentation and growth of global uncertainty, the problem of sustainability of global supply chains acquires a key importance for the world economy. Pandemic COVID-19, energy crises, geopolitical conflicts, sanctions restrictions and transformation of international economic relations significantly increased the vulnerability of global production and logistics systems and increased macroeconomic risks for national economies. In this article, macroeconomic systemic determinants of failures of global supply chains and their influence on economic growth in the conditions of global challenges are investigated. Special attention is paid to the analysis of the role of human capital, debt factor, green economy and state regulation in ensuring the resilience of economic systems to supply chain disruptions. In the article, human capital is
2026-06-22

Journal number 2 ∘ Malkhaz Chikobava ∘

Loan interest - a permanent cause of economic crises

DOI kodi: 10.52340/ekonomisti.2026.02.05 Expanded Summary With the passage of time, individuals are becoming increasingly aware that the primary cause of economic crises is the existence of loan interest. Upon deeper analysis, it becomes evident that its root lies within human hearts, which have failed to resist the temptation of avarice. While avarice manifests in numerous ways, as the Old Testament prophets and the Holy Fathers of the Christian era asserted, usury is its most abhorrent form. This loan interest operates akin to a virus, causing the corrosion of both the human flesh and soul, as well as interpersonal relationships; it engenders deceit, violence, murder, and numerous severe crimes directed against humanity. Furthermore, it destroys both human nature and the human-made environment—that is, individual\\\'s home in the broadest sense of the word. The latter is termed economics, which in Greek signifies "house-building" or the art of "household
2026-06-22

Journal number 2 ∘ Elene Chikovani ∘

Guarantees of Realization of the Right of Employment and Social Protection of Unemployed in Georgia

DOI kodi: 10.52340/ekonomisti.2026.02.06 Expanded Summary Article investigates existing challenges in the realization of right of employment and social protection of unemployed persons in Georgia in relation of the norms about possibility of getting means of living by the performing voluntarily selected works, determination of the status of unemployed, promote access to employment, provision with the subsistence minimum during the period of unemployment. Analysis drawbacks and failures of active and passive labor market policies realized on the initial stages of the labor market reform in Georgia. Characterizes main deficiencies of labor market policy programs, integrated with the program of the social protection of vulnerable groups of population, which covers only part of the unemployed persons by avoiding the principle Alness (Ubiquity) of the Covenant on Economic, Social and Cultural Rights, revised version of the Social Chart of Europe and
2026-06-22

Journal number 2 ∘ Gigi Elizbarashvili ∘

DRIVES OF ECONOMIC GROWTH IN GEORGIA AND SECTORAL ANALYSIS

DOI kodi: 10.52340/ekonomisti.2026.02.07 Expanded Summary Economic growth is one of the most important macroeconomic indicators of a country’s sustainable development and welfare. It reflects the combined performance of different economic sectors and their contribution to Gross Domestic Product. Structural transformation is an essential feature of modern economic development, as the role and importance of sectors change over time. This issue is particularly relevant for Georgia, where traditional sectors continue to dominate the economy, while knowledge- and technology-based activities have gradually strengthened in recent years. The study analyzed twenty economic sectors in Georgia and their contribution to GDP and economic growth over the last fifteen years. The results show that since 2011 more than half of Georgia’s GDP has mainly been generated by five sectors: wholesale and retail trade, real estate activities, agriculture, manufacturing, and public administration.
2026-06-22

Journal number 2 ∘ Gyulshen Zayd kyzy Yuzbashieva ∘

"Thinking Traps": Mistakes and Solutions

DOI kodi: 10.52340/ekonomisti.2026.02.08 Expanded Summary The article "Thinking Traps": Mistakes and a Way Out" examines economic development in the context of current economic policy. Its importance stems from the fact that human thinking and the decisions they make, which may not always be rational, play a certain role in this process. Errors in reasoning (cognitive distortions) can create unique "thinking traps" that become apparent during periods of economic, social, and environmental change. Based on behavioral economics concepts, several types of "thinking traps" are analyzed (herd behavior, confirmation bias, the illusion of stability, catastrophizing, labeling, and short-term thinking). The study is based on certain economic processes that have occurred globally, and in Azerbaijan in particular (the 2015 currency crisis, the pandemic, and the associated behavioral responses of the population and businesses). It is shown that "thinking traps" can exacerbate macroeconomic
2026-06-22

Journal number 2 ∘ Giorgi Kepuladze ∘ Tamila Arnania-Kepuladze ∘

Japanese Postmonetarism: The First Quarter of the 21st Century

DOI kodi: 10.52340/ekonomisti.2026.02.09 Expanded Summary In the 21st century, Japan entered a period of stagnation. From 1993 to 2003, the average economic growth rate was slightly more than 1%, and since 1998, the inflation rate has been negative. By the end of 2003, the consumer price index was 3% lower than the 1997 level, and nominal GDP had decreased by 4% from 1997 to 2002. In this situation, the explanation of the deflation phenomenon became relevant for Japanese economic scientists, and the idea arose that deflation was caused by errors in monetary policy and problems in the financial sector. As a result, the Bank of Japan institutionalised the use of unconventional instruments in its monetary policy. This began a new stage of Japanese monetarism - postmonetarism. At this stage, the goal of Japanese monetarism was not only to establish control over money but also to establish sustainable expectations, incentives, and balance sheet stability. The paper divides the path
2026-06-22

Journal number 2 ∘ Givi Lemonjava ∘

Business Valuation Financial Models

DOI kodi: 10.52340/ekonomisti.2026.02.09 Annotation. This paper presents an analysis and evaluation of DCF models and the parameters included in the model, which determine the accuracy of the models valuation. Such parameters include: cash flows (CF), discount rate (r), and length of valuation periods (n). The paper discusses three ways to use this model: 1) the dividend discount model (DDM); 2) the free cash flow of equity (FCFE) discount model; and 3) the free cash flow of the firm (FCFF) discount model. They estimate the intrinsic value of a company, which is based on the companys ability to generate cash. According to these models, the value of a company is a function of its future cash flows, the weighted average cost of capital (WACC), and the growth rate (g). The business valuation process determines the current value of a business, investment, or asset, using objective measures, and evaluating all aspects of the business. Keywords: DCF model, Dividend Discount
2026-06-22

Journal number 2 ∘ Giorgi Sulashvili ∘ Nino Pailodze ∘ Mariami Gogochuri ∘

Key challenges of the financial control system in the modern technological environment and mechanisms for their resolution

DOI kodi: 10.52340/ekonomisti.2026.02.11 Expanded Summary In the contemporary global context, an effective financial control system constitutes a fundamental pillar for the proper functioning of the state and the maintenance of public trust. The targeted allocation of public resources, transparent budgeting, and the proper application of internal and external audit mechanisms are essential not only for economic development but also for strengthening democratic governance. Accordingly, it is highly relevant to assess the current state of Georgia’s financial control system, to identify its key challenges, and to explore avenues for its improvement, drawing on both domestic reforms and international experience. Technological progress has significantly transformed the processes of financial management and control. The introduction of digital platforms, electronic budgeting systems, data analytics tools, and artificial intelligence has facilitated the monitoring of financial
2026-06-22

Journal number 2 ∘ Keti Mutidze ∘ Tengiz Verulava ∘

External Quality Assurance of General Education Institutions: International Experience

DOI kodi: 10.52340/ekonomisti.2026.02.12 Expanded Summary Quality assurance in general education has become a central concern of contemporary education policy, reflecting growing expectations toward schools in terms of effectiveness, equity, accountability, and student outcomes. In European education systems, quality assurance is no longer understood as a one-time act of control or compliance, but rather as a continuous, multi-layered process aimed at supporting school improvement and sustainable development. Within this framework, external evaluation mechanisms—such as school inspection and authorization—are increasingly conceptualized as instruments that should complement internal self-evaluation and contribute to institutional learning rather than function solely as regulatory tools. This article explores international, particularly European, experience in the implementation of external quality assurance mechanisms in general education. It examines the key principles
2026-06-22

Journal number 2 ∘ Levan kikilashvili ∘ Ani Kikilashvili ∘

Innovative Learning Models and Improving the Quality of Education: The Experience of Danish Game-Based Learning in Georgia

DOI kodi: 10.52340/ekonomisti.2026.02.13 Expanded Summary In the contemporary educational environment, increasing importance is attached to the development of innovative teaching approaches that ensure the comprehensive advancement of students’ cognitive, social, and emotional competencies. The rapid development of digital technologies, the expansion of the knowledge economy, and the transformation of labor market demands have fundamentally changed the role and functions of education systems worldwide. Modern education is no longer limited to the transmission of theoretical knowledge; instead, it is increasingly focused on fostering critical thinking, creativity, collaboration, problem-solving skills, and technological literacy. Within this context, game-based learning has emerged as one of the most effective and innovative pedagogical approaches in modern education. The present study aims to analyze the Danish “Playful Learning” model and evaluate the
2026-06-22

Journal number 2 ∘ Levan Shubitidze ∘

Economic Crisis and Regional Security: Global Consequences of the Iran-America-Israel Conflict After February 2026

DOI kodi: 10.52340/ekonomisti.2026.02.14 Expanded Summary This article examines the economic and security implications of the deepening confrontation between Iran and the United States. Drawing on the theoretical framework of international political economy, the paper examines this bilateral tension as a complex multi-level conflict model that simultaneously operates on the economic, military-strategic, and normative levels. The first part of the analysis examines the impact of economic sanctions imposed by the United States on Iran’s macroeconomics: the depreciation of the national currency, inflation, a catastrophic decline in oil exports, and a reduction in state revenues. Particular attention is paid to the problem of the irrational effect of sanctions—in particular, the fact that economic pressure has the most severe impact on the civilian population rather than on the ruling elite. The same section discusses the current
2026-06-22

Journal number 2 ∘ Ketevan Omanadze ∘ Tengiz Verulava ∘

EU pharmaceutical reform: modulating incentives to improve innovation and access to medicines

DOI kodi: 10.52340/ekonomisti.2026.02.15 Expanded Summary The European Union’s pharmaceutical sector stands at a historic crossroads, undergoing its most significant legislative overhaul in over two decades. The existing regulatory framework, largely established in 2004, has struggled to remain resilient amid rapid scientific advancement, global supply chain vulnerabilities, and escalating healthcare costs. While Europe has successfully fostered life-saving innovations, the COVID-19 pandemic exposed critical systemic weaknesses, including chronic medicine shortages and a stark 90% disparity in access to medicine between Western and Eastern Member States. The 2020 "Pharmaceutical Strategy for Europe" and the subsequent legislative package introduced by the European Commission in 2023 aim to harmonize these conflicting pressures. This research analyzes the proposed transition from a static, "one-size-fits-all" incentive model to a dynamic, performance-based modular system
2026-06-22

Journal number 2 ∘ Ali Hikmat Aliyev ∘

FORMATION OF THE DIGITAL TRADE MODEL: INTERNATIONAL TRENDS

DOI kodi: 10.52340/ekonomisti.2026.02.16 Annotation. The presented article investigates the formation and evolution of digital trade models within the framework of contemporary global economic transformations. The research focuses on the structural components of digital trade, including the development of electronic commerce platforms, the integration of fintech solutions, the digitalization of logistics and supply chain systems, and the modernization of customs and border procedures through digital technologies. A comparative analysis of international experience is conducted by examining the digital trade practices of China, South Korea, Germany, the United Kingdom, Turkey, the United States, Japan, and Georgia. The paper identifies the key strengths and limitations of each national model and evaluates their relevance for emerging digital economies. Based on these findings, the study outlines strategic directions and policy recommendations for the effective adaptation and
2026-06-22

Journal number 2 ∘ Mariam Burmistrova ∘

The Role of Organizational Communication in Building Trust for Delegation: A Georgian Perspective

DOI kodi: 10.52340/ekonomisti.2026.02.17 Annotation. Delegation is one of the most essential functions of management, primarily aimed at enhancing work efficiency and optimizing organizational performance. Beyond task allocation, delegation fosters employees’ professional growth, skill development, and increased motivation by empowering them with responsibilities and autonomy. A strong organizational communication culture plays a pivotal role in the delegation process by facilitating clear expectations, providing ongoing support, and encouraging feedback. In today’s dynamic business environment, where companies are continuously expanding and augmenting their human resources, effective task delegation has become increasingly important to manage growing workloads and complex operations. The success of delegation largely depends on the level of trust established between managers and employees, which is significantly influenced by the quality and transparency of
2026-06-22

Journal number 2 ∘ Irakli Archvadze ∘

The Impact of Monetary Transactions on Economic Growth in the Context of the Production Cycle (Evidence from Georgia)

DOI kodi: 10.52340/ekonomisti.2026.02.18 Expanded Summary This article examines the role of monetary transactions—specifically remittances—in the formation of aggregate demand and the dynamics of the economic cycle, using Georgia as a case study. Although remittances are not conventionally regarded as a direct driver of long-term economic growth, they exert a substantial indirect influence through their effects on consumption, income distribution, and cyclical fluctuations in economic activity. Applying a Keynesian theoretical framework combined with descriptive macroeconomic analysis, the study demonstrates that in Georgia remittances primarily function as a short- to medium-term stimulus to aggregate demand and as a partial automatic stabilizer during periods of economic downturn. However, in the absence of structural transformation and institutional development, their contribution to sustained long-term economic growth remains limited. The article further argues that
2026-06-22

Journal number 2 ∘ Kakhi Mukhigulashvili ∘ Otar Vasadze ∘

Transition from Angina Pectoris to Myocardial Infarction: Why the COVID-19 Pandemic Altered Ischemic Heart Disease Statistics in Georgia (2017–2022)

DOI kodi: 10.52340/ekonomisti.2026.02.19 Extended Summary The COVID-19 pandemic placed exceptional pressure on health systems, including in Georgia, and made continuity of care for chronic non-communicable diseases more difficult to maintain. This summary compares ischemic heart disease hospitalizations in Georgia during 2017–2019 and 2020–2022. The analysis shows a clear shift: angina pectoris admissions declined, while acute myocardial infarction cases increased, suggesting later and more severe hospital presentation among some patients. Methodology and Diagnostic Categorization The study used aggregated inpatient data classified by ICD-10 codes. Cases were grouped into three cohorts: angina pectoris (I20), acute myocardial infarction (I21), and other ischemic or chest pain-related diagnoses (I22, I23, I24, I25, R07). Absolute patient numbers and percentage shares were compared across the two periods to assess changes in the clinical profile of hospitalized IHD
2026-06-22

Journal number 2 ∘ Giorgi Nikuradze ∘

The Evolution of Economic Policy, 2010–2026, and Near-Term Prospects

DOI kodi: 10.52340/ekonomisti.2026.02.20 Extended Summary This article examines Georgia’s economic policy evolution during 2010–2026. It also assesses near-term policy prospects. The analysis focuses on external shocks, institutional adaptation, and changing development priorities. The central argument is clear. Georgian economic policy did not move linearly from crisis to stability. It evolved from post-crisis stabilization toward a wider transformation regime. Fiscal and monetary credibility remain essential. Yet they are no longer sufficient by themselves. By the mid-2020s, effectiveness depended on a broader policy mix. This mix includes competition policy, SOE governance, digital infrastructure, sustainable finance, logistics, energy policy, and sectoral coordination. Therefore, the article treats economic policy as institutional architecture. Through this architecture, the state shapes incentives, manages risks, and supports long-term transformation. The study
2026-06-22

Journal number 2 ∘ Nino Aptsiauri ∘

The Importance of Employee Satisfaction and Its Determining Factors

DOI kodi: 0.52340/ekonomisti.2026.02.21 Expanded Summary Interest in employee job satisfaction in organizations has increased significantly in recent years, as job satisfaction is closely related to employee activities that determine the effectiveness of the organization. Employee satisfaction is one of the most important factors in the development and effectiveness of an organization. Employee satisfaction reflects how healthy the work environment is, and a high level of satisfaction increases their motivation, productivity and responsibility for the work to be done. That is why employee satisfaction is considered one of the foundations of the effective functioning of an organization. The aim of the research is to study the determinants of employee satisfaction. Employees who positively evaluate the work environment and the attitude of the organization are more motivated and proactive, which has a positive impact on the financial and non-financial results of the organization.
2026-06-22

Journal number 2 ∘ Lasha Mgeladze ∘

Mechanisms for Improving the Management and Disposal of Municipal Property

DOI kodi: 10.52340/ekonomisti.2026.02.22 Expanded Summary In order to optimize the management of municipal real estate, considering its specific characteristics and operational complexities, a comprehensive and strategic approach is essential. Key recommendations are as follows: Develop a holistic real estate management strategy, that defines objectives, expected outcomes and performance indicators, ensuring systematic oversight at every stage of property rights execution; Develop detailed medium and long-term plans for asset formation, management, and allocation, specifying concrete activities, responsibilities, timelines and resource requirements; Conduct systematic and data-driven analyses to identify properties critical for municipal infrastructure development, public service delivery, citizen needs fulfillment, business ecosystem enhancement and sustainable revenue generation. Subsequently, formalize the inclusion of these assets into municipal ownership based on empirical
2026-06-22

Journal number 2 ∘ Lasha-Giorgi Simonishvili-Jakeli ∘

The Importance of International Reinsurance for Georgian Insurance Companies

DOI kodi: 10.52340/ekonomisti.2026.02.23 Expanded Summary The paper is devoted to the study of the role and significance of the international reinsurance market in the development of the Georgian insurance sector. The research is based on a comprehensive analysis of reinsurance as a financial and institutional mechanism that ensures the stable functioning of insurance companies and the efficient redistribution of risk. The article examines the function of reinsurance in ensuring financial stability, effectively managing high and catastrophic risks, and maintaining the solvency of insurance companies, which is particularly important in the context of developing markets such as Georgia. In addition, attention is focused on the impact of international reinsurance on enhancing the competitiveness of the Georgian insurance market and its convergence with modern international standards. It is emphasized that cooperation with global reinsurance companies contributes to the introduction of
2026-06-22