Journal number 4 ∘ Aytakin Gasan Akhundova ∘

EVENT TOURISM: THEORETICAL ASPECT

Annotation. Event tourism is considered one of the youngest and most promising trends in the development of the modern tourist market. It is the events that are considered the most important component in the tourism sector, since they significantly affect the dynamic development of the destination, its competition and marketing strategy. And according to the data of the World Tourism Organization (UNWTO), today events are considered an important direction of the dynamic development of tourism in many regions of the world. The article explores the conceptual apparatus of event tourism. Examples of the definition of this term based on the works of domestic and foreign scientists are given. The characteristics of event tourism are investigated and the relevance of the development of regional event tourism is substantiated. Key words:tourism development, concept, event tourism, destination, events

Journal number 4 ∘ Aytakin Gasan Akhundova ∘

THE USE OF SPECIAL ECONOMIC ZONES FOR THE EFFECTIVE DEVELOPMENT OF THE TOURISM INDUSTRY IN THE REPUBLIC OF AZERBAIJAN

Abstract: An essential role in the development of the world economy in the second half of the 20th century is played by the creation of free (special) economic zones (FEZs), which ensure the intensive development of the national economy and are an effective tool to attract foreign investment and new technologies. The article discusses the concept of free economic zones (FEZ) and describes the strategic objectives of the formation and development of special economic zones. The diversity of the organizational structure of free economic zones in the Republic of Azerbaijan is studied, and industrial parks and industrial quarters as well as the legislative base of their functioning are analyzed. Also, an analysis is made of the creation of SEZs in the form of tourist and recreational special economic zones in the regions of the republic and their advantages for elaborating the tourism sector in Azerbaijan. Keywords: free economic zones (FEZ), state support, tourism development, creation of

Journal number 4 ∘ Tariel Gurbanov ∘ Asif Mirlazim Mustafayev ∘

In the post-pandemic period, the assessment of the state budget and populations income in terms of GDP in Azerbaijan

Annotation. The presented article examines the relationship between the main macroeconomic indicators. In order to evaluate the macroeconomic processes taking place in the economy of Azerbaijan in recent years, a number of analyzes were carried out in the article. In particular, in the presentation of the main statistical indicators, the issues of state budget expenditures, revenues, GDP growth dynamics and population income growth were analyzed. The main economic reason for focusing on these indicators is that the correlation and dependence between them is stronger. It was mentioned in the article that in recent years, against the background of measures implemented by the state for the development of the national economy of Azerbaijan, the position of the country has been positively evaluated in a number of international ratings. It should be noted that the orders and decrees adopted by the President of the Republic of Azerbaijan in this direction should be specially emphasized. So, a

Journal number 4 ∘ Malkhaz Chikobava ∘ Nazira Kakulia ∘ Tea Lazarashvili ∘

Anti-inflationary policy of the central banks of the leading countries and the threat of a global recession

DOI kodi: 10.36172/EKONOMISTI.2022.XVIII.04.Chikobava.Kakulia.Lazarashvili Expanded Summary Back in the early autumn of 2021, most analysts and experts were confident that the next 2022 would be better than the previous one. But in the last quarter of 2021, unexpectedly for many, the International Monetary Fund and the World Bank made downward adjustments to the estimate of global GDP growth for 2022. The fact is that the decision of the US Federal Reserve System, which was made in November-December 2021, came as a shock to many. On November 3, 2021, the Federal Reserve announced that it was ending its quantitative easing program and on December 15 announced that it would double the rate of contraction. For financial market participants and businesses, this decision was a very serious signal to raise expectations of another serious wave of the global economic downturn. At a press conference following the decision to raise the base rate in March this year, Jerome Powell said tha

Journal number 4 ∘ Emir Eteria ∘

Economic Globalization and DeglobalizationTrends during 2005-2019

DOI: 10.36172/EKONOMISTI.2022.XVIII.04.Eteria Abstract: Deglobalization trends in the world economy are the most discussed issues since the global financial crisis of 2007-2008. Globalization of trade and capital are the foundations of economic globalization. It is noteworthy that the EU, NAFTA and ASEAN (plus Japan, China and Republic of Korea) are major integration groups and countries in the modern world economy, which control a significant part of world trade and Foreign Direct Investments (FDI). Therefore, deglobalization of trade and capital movement should be observed in the trade and FDI data of these integration groups/countries. However, analyzed data on trade and investments for the period of 2005-2019 does not reveal any lasting declining trends, which could be considered as a sign of irreversible deglobalization of the world economy. Keywords: Globalization, Deglobalization, Trade, Investments, EU, NAFTA, ASEAN. 1. Introduction The period from the begi

Journal number 4 ∘ Merab Julakidze ∘

Georgian Economic Growth Model

DOI: 10.36172/EKONOMISTI.2022.XVIII.04.Julakidze Expanded Summary Microeconomic modeling of the national economy is an analytical tool based on scientifically proven ideas designed to examine the possible growth rates of the gross domestic product (GDP), its rational allocation into consumable and accumulable parts, investment efficiency, and return on capital and labor employed. It can be used to designate the most important long-term indication, such as rate of return. And all of this, in turn, provides starting points for drawing up structural and investment policy at the interstate and interregional level for bringing the designated economic growth rates to fruition. Scientists have long been engaged in developing the theory of macroeconomic dynamics and its most important elements production function (PF). But several questions remain unanswered: first, the interrelations between the branches of the production and nonproduction spheres have not been specifically establishe

Journal number 4 ∘ Marina Tabatadze ∘

Global and National Standards of Economic Sustainability

DOI: 10.36172/EKONOMISTI.2022.XVIII.04.Tabatadze Expanded Summary Modern integration processes aggravated economic crises, which led to the development of anti-crisis policies and to the question of governments’ optimal functioning in struggling environments. Global systems have made the future of countries significantly dependent on number of points: their effective positioning in the world economy, their capacity to adapt to modern integration processes, to correctly forecast the results of cyclical economic development, and to effectively respond to macroeconomic imbalances. The present paper discusses some modern strategies for successfully managing integration processes and national standards for crisis regulation and post-crisis rehabilitation. The work analyses the priority management standards of modern world economic processes and the strategies for economic stabilization. It examines the issues of correct coordination of global economic systems in a crisis envir

Journal number 4 ∘ Elisabed Baliashvili ∘

The state of activity of logistics companies and development prospects in Georgia

Expanded Summary The article discusses and substantiates the role of effective management of logistics systems in companies engaged in international business. Also, the state of activity of the logistics companies of Georgia, the existing problems and prospects of the country's development in this direction have been investigated. Certain recommendations are given for the country to engage in international business as fully as other developed countries. The object of the research is represented by both resident and international logistics companies present in the market of Georgia. Georgia, like many highly developed and developing countries of the world, is actively involved in world trade and globalization. The desire to get involved is getting stronger, and our country should not be left behind in these processes, which can be achieved by introducing innovations in business companies, improving the supply chain and information-technological environment, and introducing modern logi

Journal number 4 ∘ Gela Mamuladze ∘ Natia Sirabidze ∘

Mechanisms of effective content creation – a comparative analysis of marketers and consumers preferences

Expanded Summary In the modern world, digital marketing has replaced traditional approaches. Marketers are constantly developing new mechanisms and tactics that will allow their product to stand out from others and become visible to consumers. Marketers actively create promotional content and post it on social platforms to connect with consumers and promote their products. Positive customer feedback determines the successful launch of a product, that's why developing effective content creation mechanisms customized to the target audience is extremely relevant for any business. Accordingly, the present article discusses the main types of design and content common on digital platforms, compares and analyzes the behavioral preferences of users of social platforms and the views of marketers regarding effective content. Coming from the research objectives, questionnaire surveys and in-depth interviews were conducted in the period of December 15, 2021 to March 1, 2022. The 76 m

Journal number 4 ∘ Rusudan Kvaratskhelia ∘ Levan kikilashvili ∘

Social Entrepreneurship Business Case - Competitive Advantages of Unique Georgian Puzzles and Educational Toys (In Caucasus)

Annotation. In October 2017, the Government of Georgia approved state standards and technical regulations related to preschool education. Several types of state standards were supported, including “State standard of early and preschool education,” according to which the child’s field of development, his physical and sensory development level is evaluated according to the extent to which it controls and uses the delicate muscles of the body in a coordinated manner. It arranges a simple puzzle, a simple picture, or a mosaic. In addition, they know that the United Nations recognizes the Human Development Index as a standard means of determining human development. Each person has their specific abilities. Intelligence is defined not only by abilities acquired from the moment of birth. It is the result of the further development of learning and thinking through the analysis and synthesis of information from the outside. As the horizon increases, human imagination develops

Journal number 4 ∘ Lasha Kelikhashvili ∘

Characteristics of the institutional environment of Government debt management in Georgia

Expanded Summary This article analyzes the dynamics of the government debt for both globally and separately for Georgia, and in this context, the existing institutional environment in Georgia from the point of view of debt management. Due to its specificity, the research is mainly based on the qualitative analysis method. In particular, the article discusses the legislative environment in Georgia and other issues related to debt management. Under the research, one of the notable point is that the government debt to GDP ratio experienced a particularly sharp increase in advanced economies. In particular, the ratio of the total government debt to total GDP of the advanced economies increased by 19 percentage points (pp) from 104% to 123% from 2019 to the end of 2020. As for the group of developing and middle-income countries, the indicator increased by 10 percentage points from 55% to 65% in the same period. According to current forecasts, in the medium term, the ratio of debt to GDP

Journal number 4 ∘ Nino Tchanturia ∘

Influence of Brand on Consumer Buying Behavior

Expanded Summary A brand is an important element of a company's value and accounts for the largest part of its revenues. Being a successful brand means being competitive in the market. Today, companies are mostly trying to increase profits not at the expense of product sales volume. but through making a good impression on the customer and gaining their trust and positioning in the market. All this can be achieved by creating a strong brand and its rational management. That is why it is very relevant today to study and analyze the issues of brand creation, promotion and development. The main goal of the work is a thorough analysis of the existing theories about the brand and the study of its components. Also, determining whether the brand has an impact on the customer and the purchase process. The subject and object of the research is the specifics of brand creation and management processes. Identifying and analyzing the factors that affect the consumer and encourage them to buy a br

Journal number 4 ∘ Natalia Dzidziguri ∘

Crisis driven by politics

Annotation: The crisis after local elections is an indicator of the extent to which political parties will be able to reach consensus on vital issues. The crisis increases the nihilism among the population towards state institutions and parties, hinders the implementation of state-funded projects in municipalities, damages the process of decentralization and, ultimately, undermines the idea of a multi-party coalition government. Keywords: local self-government, post-election crisis, political pluralism, decentralization, coalition government. "... Our system is democratic, Democracy is based on two forces - the urban and the rural ones - Strengthening rural and urban self-government – That is the concern of our government. Democracy is weak where these organs of self-government are not strong..." Speech by Noe Ramishvili at the Second Congress of Nationality Representatives of Georgia; Unity No. 213; 09/20/1919 In the

Journal number 4 ∘ Mamuka Kuprashvili ∘

A brief assessment of the main legal norms and risks regulating the wine industry

Expanded Summary The present article aims to show us the main legal norms that regulate wine production and the risks of the national wine industry in the way of development. The production and sale of wine is regulated by various laws. Including product safety, hygiene, packaging, environmental protection and others. The article discusses such important regulatory norms as the Law "On Grapes and Wine", which defines the main legal framework for national wine production. Also, the HACCP (Hazard Analysis and Critical Control Point) concept, which must be followed for exporting products to the EU market, as this concept aims to produce products that are safe for health. EU Regulation 178/2002 implies the identification of producers at each stage of the production chain. Winemaking industry is regulated by various legal norms. One of them, the “Georgian law on Winemaking" ensures the proper implementation of important issues related to product safety and packaging. The supervisor

EKONOMISTI The international scientific and analytical, reviewed, printing and electronic journal of Paata Gugushvili Institute of Economics of Ivane Javakhishvili Tbilisi State University

DOI: 10.36172/EKONOMISTI E ISSN 2346-8432 Print ISSN 1987-6890	Journal number 4 ∘ Aytakin Gasan Akhundova ∘ EVENT TOURISM: THEORETICAL ASPECT Annotation. Event tourism is considered one of the youngest and most promising trends in the development of the modern tourist market. It is the events that are considered the most important component in the tourism sector, since they significantly affect the dynamic development of the destination, its competition and marketing strategy. And according to the data of the World Tourism Organization (UNWTO), today events are considered an important direction of the dynamic development of tourism in many regions of the world. The article explores the conceptual apparatus of event tourism. Examples of the definition of this term based on the works of domestic and foreign scientists are given. The characteristics of event tourism are investigated and the relevance of the development of regional event tourism is substantiated. Key words:tourism development, concept, event tourism, destination, events Journal number 4 ∘ Aytakin Gasan Akhundova ∘ THE USE OF SPECIAL ECONOMIC ZONES FOR THE EFFECTIVE DEVELOPMENT OF THE TOURISM INDUSTRY IN THE REPUBLIC OF AZERBAIJAN Abstract: An essential role in the development of the world economy in the second half of the 20th century is played by the creation of free (special) economic zones (FEZs), which ensure the intensive development of the national economy and are an effective tool to attract foreign investment and new technologies. The article discusses the concept of free economic zones (FEZ) and describes the strategic objectives of the formation and development of special economic zones. The diversity of the organizational structure of free economic zones in the Republic of Azerbaijan is studied, and industrial parks and industrial quarters as well as the legislative base of their functioning are analyzed. Also, an analysis is made of the creation of SEZs in the form of tourist and recreational special economic zones in the regions of the republic and their advantages for elaborating the tourism sector in Azerbaijan. Keywords: free economic zones (FEZ), state support, tourism development, creation of Journal number 4 ∘ Tariel Gurbanov ∘ Asif Mirlazim Mustafayev ∘ In the post-pandemic period, the assessment of the state budget and populations income in terms of GDP in Azerbaijan Annotation. The presented article examines the relationship between the main macroeconomic indicators. In order to evaluate the macroeconomic processes taking place in the economy of Azerbaijan in recent years, a number of analyzes were carried out in the article. In particular, in the presentation of the main statistical indicators, the issues of state budget expenditures, revenues, GDP growth dynamics and population income growth were analyzed. The main economic reason for focusing on these indicators is that the correlation and dependence between them is stronger. It was mentioned in the article that in recent years, against the background of measures implemented by the state for the development of the national economy of Azerbaijan, the position of the country has been positively evaluated in a number of international ratings. It should be noted that the orders and decrees adopted by the President of the Republic of Azerbaijan in this direction should be specially emphasized. So, a Journal number 4 ∘ Malkhaz Chikobava ∘ Nazira Kakulia ∘ Tea Lazarashvili ∘ Anti-inflationary policy of the central banks of the leading countries and the threat of a global recession DOI kodi: 10.36172/EKONOMISTI.2022.XVIII.04.Chikobava.Kakulia.Lazarashvili Expanded Summary Back in the early autumn of 2021, most analysts and experts were confident that the next 2022 would be better than the previous one. But in the last quarter of 2021, unexpectedly for many, the International Monetary Fund and the World Bank made downward adjustments to the estimate of global GDP growth for 2022. The fact is that the decision of the US Federal Reserve System, which was made in November-December 2021, came as a shock to many. On November 3, 2021, the Federal Reserve announced that it was ending its quantitative easing program and on December 15 announced that it would double the rate of contraction. For financial market participants and businesses, this decision was a very serious signal to raise expectations of another serious wave of the global economic downturn. At a press conference following the decision to raise the base rate in March this year, Jerome Powell said tha Journal number 4 ∘ Emir Eteria ∘ Economic Globalization and DeglobalizationTrends during 2005-2019 DOI: 10.36172/EKONOMISTI.2022.XVIII.04.Eteria Abstract: Deglobalization trends in the world economy are the most discussed issues since the global financial crisis of 2007-2008. Globalization of trade and capital are the foundations of economic globalization. It is noteworthy that the EU, NAFTA and ASEAN (plus Japan, China and Republic of Korea) are major integration groups and countries in the modern world economy, which control a significant part of world trade and Foreign Direct Investments (FDI). Therefore, deglobalization of trade and capital movement should be observed in the trade and FDI data of these integration groups/countries. However, analyzed data on trade and investments for the period of 2005-2019 does not reveal any lasting declining trends, which could be considered as a sign of irreversible deglobalization of the world economy. Keywords: Globalization, Deglobalization, Trade, Investments, EU, NAFTA, ASEAN. 1. Introduction The period from the begi Journal number 4 ∘ Merab Julakidze ∘ Georgian Economic Growth Model DOI: 10.36172/EKONOMISTI.2022.XVIII.04.Julakidze Expanded Summary Microeconomic modeling of the national economy is an analytical tool based on scientifically proven ideas designed to examine the possible growth rates of the gross domestic product (GDP), its rational allocation into consumable and accumulable parts, investment efficiency, and return on capital and labor employed. It can be used to designate the most important long-term indication, such as rate of return. And all of this, in turn, provides starting points for drawing up structural and investment policy at the interstate and interregional level for bringing the designated economic growth rates to fruition. Scientists have long been engaged in developing the theory of macroeconomic dynamics and its most important elements production function (PF). But several questions remain unanswered: first, the interrelations between the branches of the production and nonproduction spheres have not been specifically establishe Journal number 4 ∘ Marina Tabatadze ∘ Global and National Standards of Economic Sustainability DOI: 10.36172/EKONOMISTI.2022.XVIII.04.Tabatadze Expanded Summary Modern integration processes aggravated economic crises, which led to the development of anti-crisis policies and to the question of governments’ optimal functioning in struggling environments. Global systems have made the future of countries significantly dependent on number of points: their effective positioning in the world economy, their capacity to adapt to modern integration processes, to correctly forecast the results of cyclical economic development, and to effectively respond to macroeconomic imbalances. The present paper discusses some modern strategies for successfully managing integration processes and national standards for crisis regulation and post-crisis rehabilitation. The work analyses the priority management standards of modern world economic processes and the strategies for economic stabilization. It examines the issues of correct coordination of global economic systems in a crisis envir Journal number 4 ∘ Elisabed Baliashvili ∘ The state of activity of logistics companies and development prospects in Georgia Expanded Summary The article discusses and substantiates the role of effective management of logistics systems in companies engaged in international business. Also, the state of activity of the logistics companies of Georgia, the existing problems and prospects of the country's development in this direction have been investigated. Certain recommendations are given for the country to engage in international business as fully as other developed countries. The object of the research is represented by both resident and international logistics companies present in the market of Georgia. Georgia, like many highly developed and developing countries of the world, is actively involved in world trade and globalization. The desire to get involved is getting stronger, and our country should not be left behind in these processes, which can be achieved by introducing innovations in business companies, improving the supply chain and information-technological environment, and introducing modern logi Journal number 4 ∘ Gela Mamuladze ∘ Natia Sirabidze ∘ Mechanisms of effective content creation – a comparative analysis of marketers and consumers preferences Expanded Summary In the modern world, digital marketing has replaced traditional approaches. Marketers are constantly developing new mechanisms and tactics that will allow their product to stand out from others and become visible to consumers. Marketers actively create promotional content and post it on social platforms to connect with consumers and promote their products. Positive customer feedback determines the successful launch of a product, that's why developing effective content creation mechanisms customized to the target audience is extremely relevant for any business. Accordingly, the present article discusses the main types of design and content common on digital platforms, compares and analyzes the behavioral preferences of users of social platforms and the views of marketers regarding effective content. Coming from the research objectives, questionnaire surveys and in-depth interviews were conducted in the period of December 15, 2021 to March 1, 2022. The 76 m Journal number 4 ∘ Rusudan Kvaratskhelia ∘ Levan kikilashvili ∘ Social Entrepreneurship Business Case - Competitive Advantages of Unique Georgian Puzzles and Educational Toys (In Caucasus) Annotation. In October 2017, the Government of Georgia approved state standards and technical regulations related to preschool education. Several types of state standards were supported, including “State standard of early and preschool education,” according to which the child’s field of development, his physical and sensory development level is evaluated according to the extent to which it controls and uses the delicate muscles of the body in a coordinated manner. It arranges a simple puzzle, a simple picture, or a mosaic. In addition, they know that the United Nations recognizes the Human Development Index as a standard means of determining human development. Each person has their specific abilities. Intelligence is defined not only by abilities acquired from the moment of birth. It is the result of the further development of learning and thinking through the analysis and synthesis of information from the outside. As the horizon increases, human imagination develops Journal number 4 ∘ Lasha Kelikhashvili ∘ Characteristics of the institutional environment of Government debt management in Georgia Expanded Summary This article analyzes the dynamics of the government debt for both globally and separately for Georgia, and in this context, the existing institutional environment in Georgia from the point of view of debt management. Due to its specificity, the research is mainly based on the qualitative analysis method. In particular, the article discusses the legislative environment in Georgia and other issues related to debt management. Under the research, one of the notable point is that the government debt to GDP ratio experienced a particularly sharp increase in advanced economies. In particular, the ratio of the total government debt to total GDP of the advanced economies increased by 19 percentage points (pp) from 104% to 123% from 2019 to the end of 2020. As for the group of developing and middle-income countries, the indicator increased by 10 percentage points from 55% to 65% in the same period. According to current forecasts, in the medium term, the ratio of debt to GDP Journal number 4 ∘ Nino Tchanturia ∘ Influence of Brand on Consumer Buying Behavior Expanded Summary A brand is an important element of a company's value and accounts for the largest part of its revenues. Being a successful brand means being competitive in the market. Today, companies are mostly trying to increase profits not at the expense of product sales volume. but through making a good impression on the customer and gaining their trust and positioning in the market. All this can be achieved by creating a strong brand and its rational management. That is why it is very relevant today to study and analyze the issues of brand creation, promotion and development. The main goal of the work is a thorough analysis of the existing theories about the brand and the study of its components. Also, determining whether the brand has an impact on the customer and the purchase process. The subject and object of the research is the specifics of brand creation and management processes. Identifying and analyzing the factors that affect the consumer and encourage them to buy a br Journal number 4 ∘ Natalia Dzidziguri ∘ Crisis driven by politics Annotation: The crisis after local elections is an indicator of the extent to which political parties will be able to reach consensus on vital issues. The crisis increases the nihilism among the population towards state institutions and parties, hinders the implementation of state-funded projects in municipalities, damages the process of decentralization and, ultimately, undermines the idea of a multi-party coalition government. Keywords: local self-government, post-election crisis, political pluralism, decentralization, coalition government. "... Our system is democratic, Democracy is based on two forces - the urban and the rural ones - Strengthening rural and urban self-government – That is the concern of our government. Democracy is weak where these organs of self-government are not strong..." Speech by Noe Ramishvili at the Second Congress of Nationality Representatives of Georgia; Unity No. 213; 09/20/1919 In the Journal number 4 ∘ Mamuka Kuprashvili ∘ A brief assessment of the main legal norms and risks regulating the wine industry Expanded Summary The present article aims to show us the main legal norms that regulate wine production and the risks of the national wine industry in the way of development. The production and sale of wine is regulated by various laws. Including product safety, hygiene, packaging, environmental protection and others. The article discusses such important regulatory norms as the Law "On Grapes and Wine", which defines the main legal framework for national wine production. Also, the HACCP (Hazard Analysis and Critical Control Point) concept, which must be followed for exporting products to the EU market, as this concept aims to produce products that are safe for health. EU Regulation 178/2002 implies the identification of producers at each stage of the production chain. Winemaking industry is regulated by various legal norms. One of them, the “Georgian law on Winemaking" ensures the proper implementation of important issues related to product safety and packaging. The supervisor