Journal number 2 ∘ Asif Mustafayev ∘ Tariel Gurbanov ∘

Problems of ensuring sustainable economic development on a global scale

10.36172/EKONOMISTI.2023.XIX.02.MUSTAFAYEV.GURBANOV Annotation. The presented article examines modern problems of sustainable economic development. It was noted that ensuring sustainable economic development is a complex process and also arises as a problem sensitive to the impact of national and global characteristics. The article specifically examines the damage caused by the Russian-Ukrainian conflict to economic development at the global level, countries that are better able to provide sustainable economic development, and the situation of its provision in Azerbaijan. Indicators characterizing sustainable economic development in Azerbaijan were also noted and economic steps taken in this direction were evaluated. Key words: sustainable economic development, Russian-Ukrainian conflict, Azerbaijan, index, energy prices, etc. İntroduction Sustainable economic development refers to a form of economic growth that meets the needs of the present without compromising the abilit

Journal number 2 ∘ Zurab Garakanidze ∘

The prospect of turning Georgia into a gas hub

10.36172/EKONOMISTI.2023.XIX.02.ZURAB.GARAKANIDZE Expanded Summary Global natural gas production increased by nearly 5 percent to reach a record 4.04 trillion cubic meters in 2021. Russia currently ranks as the world’s second largest natural gas producer and is the leading exporter. In 2021, Russia’s natural gas exports were 202 billion cubic meters of pipeline gas, and 39.6 billion cubic meters of liquified natural gas (LNG). [Source: Russia struggles to make up for Europe's gap in natural gas exports. https://www.aa.com.tr/en/europe/russia-struggles-to-make-up-for-europes-gap-in-natural-gas-exports/2717651]. Since the war in Ukraine, Russia has cut natural gas exports to Europe, which previously relied on the country for 40 percent of EU's supply, resulting in skyrocketing energy prices in the Europe. Georgia, with its strategic location on the Black Sea’s eastern shore, has the potential of creating a LNG hub to transport gas to European markets bypas

Journal number 2 ∘ Vladimer Basaria ∘

The role of geoeconomics in ensuring national security

10.36172/EKONOMISTI.2023.XIX.02.VLADIMER.BASARIA Expanded Summary The need to research and analyze the globalization of international economic relations, the influence of the world's economic relations on geopolitical processes, the organization and functioning of the global system of economic management led to the emergence of a new science - geoeconomics. Despite the diversity of content definitions of this new science, one thing can be said for sure - geoeconomics is a powerful tool of modern state policy. The essence of the geo-economic approach is that the discussion of the national economy is valid from the world economic position - the national economy in the modern era should be considered as a part of the world economy that coexists with other parts. This means that the analysis of the development of an individual country cannot be complete and reliable without analyzing the development of the global system. It is for this reason that the geoeconomics approach is given speci

Journal number 2 ∘ Murman Tsartsidze ∘

Peculiarities of setting and regulating the minimum wage in developed countries

10.36172/EKONOMISTI.2023.XIX.02.MURMAN.TSARTSIDZE Expanded Summary In the current global crisis to improve the living standards of the population and the quality of working life is necessary effective state regulation of their incomes, where sallary and the minimum wage play an important role. The latter refers to the minimum social standard that guarantees the social protection of employees. It directly reflects the level and quality of economic development and social security of the country. Currently, more than 90% of the countries in the world have a minimum wage set by law. Accordingly, problem of minimal wage its definition and regulation are in the constant focus of governmental and trade union organizations in developed countries. The paper presents the assessment of the peculiarities of determining the minimum wage, state regulation in developed countries. Is discussed an analysis of its level and dynamics. Particular attention is paid to its legislative regulation at the t

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

Doctors of Economics in the Labor Market: International Experience

10.36172/EKONOMISTI.2023.XIX.02.TAMILA.ARNANIA.KEPULADZE.GIORGI.KEPULADZE Expanded Summary The spread of scientific-technological innovations and the intellectualization of many areas of human activity significantly changes the structure of the labor market and increases the demand for highly qualified personnel who is able to deep professional knowledge, the skills of research-analytical work and rational planning, who are capable of creative and systematic thinking, assimilation of new competencies, and professional self-development. Such professionals due their work can contribute to the sustainable economic development, to support the increasing competitiveness, and to achieve the prosperity of the country. The training of highly intelligent specialists with creative thinking, research and analytical skills, who are able to make a significant contribution to the creation and dissemination of new knowledge and technologies, usually takes place at the third level of higher educati

Journal number 2 ∘ Besarion Siordia ∘ Miron Tugushi ∘

Study of returnees from educational migration in Georgia

Expanded Summary The transition to the market economy of our country, together with various problems, presented the problems in the higher education system at all levels. According to the relevant ratings it is clear that our higher educational institutions, despite some successes achieved in the recent period, are significantly behind the higher educational institutions of the developed countries in the quality of teaching and research, which afterwards is reflected in the level of professionalism of the graduates. However, it is widely known how great is the role of qualified personnel with higher education in raising the overall educational level of the entire society and in the development of the country's economy and social sphere, as well as in overcoming unemployment. Thus, in solving this important task, it is of great importance for our young people to receive education in the world's leading universities in order to use this knowledge in their homeland. The mentioned

Journal number 2 ∘ Murtaz Kvirkvaia ∘ Mogeli Shengelia ∘

New forms of employment in the labor market

Expanded Summary Employment of population has remained an unsolvable problem for Georgia for the last three decades. According to official data, the level of unemployment in 2010-2021 is on average about 20 percent, which is about 300 thousand people. The number of self-employed people in Georgia is quite high (about 400 thousand). It should be assumed that a significant part of them is not, in fact, employed or is classified as inefficiently employed due to low incomes. The ineffectiveness of employment is indicated by the fact that almost a fifth of the workforce is employed in agriculture, where wages, labor productivity, and incomes are low. For example, in the same agriculture in 2021, the average nominal salary was 950.3 GEL. The situation is similar in several other fields. Technological progress has put on the agenda the need for new approaches to the labor market. In the scientific literature, digital work platforms are considered as new forms of employment and new op

Journal number 2 ∘ Tengiz Verulava ∘ Ketevan Omanadze ∘ Tea Lazarashvili ∘

Hospital Health Care Anti-Crisis Management Issues in Georgia

10.36172/EKONOMISTI.2023.XIX.02.TENGIZ.VERULAVA.KETEVAN.OMANADZE.TEA.LAZARASHVILI Expanded Summary Background: A disaster causes a large number of people to become ill or injured, which is a heavy burden on the health system causing significant social and financial harm to the state. Disasters are both natural (earthquakes, tsunamis, floods) and man-made (wars, terrorism). Disaster management requires risk assessment, structural and non-structural prevention and emergency planning, warning and evacuation preparedness (1). Hospitals play a major role in disaster management (2). Their prompt and efficient service can be crucial in in reducing the death rate caused by disasters. In order to overcome the obstacles presented by wars and natural disasters, hospitals must improve their disaster preparedness. Hospital disaster preparedness is a continuous process that aims to ensure the resilience and functioning of the hospital during disasters and to respond effectively to quickly overcom

Journal number 2 ∘ Lia Totladze ∘

Modeling the Impact of Urbanization on Income Distribution

10.36172/EKONOMISTI.2023.XIX.02.LIA.TOTLADZE Annotation. The modern world is facing huge challenges. Post-pandemic issues added global humanitarian, economic, logistical, and other problems caused by the Russia-Ukraine war. In this context, all countries need to support the appropriate rate of sustainable development. The phenomenon of urbanization maintains a special place in sustainable development goals. The paper discusses the concept of urbanization as a social transformation and its connection to the country's development indicators. The positive and negative effects of urbanization are analyzed. The article emphasizes empirical aspects of population concentration and considers Zipf's law for Georgian cities. An econometric model of the impact of urbanization on income distribution is constructed and evaluated. Urbanization as a phenomenon occupies a special place in the clearly defined goals of sustainable development (SDG). The concept of sustainable development has be

Journal number 2 ∘ Gocha Ugulava ∘

For the Issue of Determinacy and Stochasticity in Macroeconomic Forecasting

Expanded Summary The article discusses the issue of uncertainty, the role and importance of randomness in economic events. The essence of the deterministic-stochastic dualistic nature of these events, problems during modeling and possible directions for overcoming the contradictions are highlighted. Considerations about the ontological assumption and epistemological interpretation of the essence of randomness, ways of using deterministic nonlinear dynamic (multidimensional chaotic) and stochastic models in modeling economic processes are briefly reviewed. Even today, economic forecasting contributes to the development of the concept of economic development, solves the problems of economic growth in the conditions of limited natural, demographic, material and financial resources. Economic models, using mathematical apparatus, have the functions of classification and structuring of economic variables, including the identification of interrelationships and regularities, explaining the ca

Journal number 2 ∘ Avtandil Liluashvili ∘

Research on the awareness of the population about the pension system and cumulative pension, identification and assessment of real risks

Expanded Summary The goal of the research is to assess the level of public awareness regarding the pension system and cumulative pension schemes, identify and assess real risks, and evaluate the development of pension schemes and funds in Georgia. Five main problems and risks have been identified related to the development of pension schemes and funds in Georgia: 1. Lack of sufficient Legal framework; 2. Foreign investment and pension fund deficits; 3. Lack of financial instruments and regulations in the Georgian Capital Market; 4. Negative history and experience from the 90s; 5. Low level of public awareness about the pension system. The literature and materials used in the study represent the analysis and comparison of the Georgian pension reform and systems to the best foreign practices. The comparison included studying materials such as legal frameworks, instructions, policies, processes, and procedures. One of the main focuses of the study was on the Pension Agency of Georg

Journal number 2 ∘ Lela Iremadze ∘

Self-evaluation of Georgian "HR professionals" and their challenges in professional activity

Summary If you ask any representative of the company's management in Georgia, what is the main role of HR in the company, there is a high probability that they will answer that the main role of HR is the selection/recruitment of employees and the signing of labor contracts. Almost the overwhelming majority of managers think that the results and success achieved by the company are more due to them than to the HR manager. Such an attitude on the part of the employer is currently an actual problem in Georgia. A big challenge for HR personnel is the inappropriate appreciation of their role in the company, imposed restrictions, incomplete delegation of functions and duties, provision of inappropriate resources. At the same time, they are responsible for such important issues such as: selection/recruitment of employees, signing of the labor contract, as well as formation and strengthening of organizational culture, integration of new employees, planning and maintenance of human capital, po

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 2 ∘ Asif Mustafayev ∘ Tariel Gurbanov ∘ Problems of ensuring sustainable economic development on a global scale 10.36172/EKONOMISTI.2023.XIX.02.MUSTAFAYEV.GURBANOV Annotation. The presented article examines modern problems of sustainable economic development. It was noted that ensuring sustainable economic development is a complex process and also arises as a problem sensitive to the impact of national and global characteristics. The article specifically examines the damage caused by the Russian-Ukrainian conflict to economic development at the global level, countries that are better able to provide sustainable economic development, and the situation of its provision in Azerbaijan. Indicators characterizing sustainable economic development in Azerbaijan were also noted and economic steps taken in this direction were evaluated. Key words: sustainable economic development, Russian-Ukrainian conflict, Azerbaijan, index, energy prices, etc. İntroduction Sustainable economic development refers to a form of economic growth that meets the needs of the present without compromising the abilit Journal number 2 ∘ Zurab Garakanidze ∘ The prospect of turning Georgia into a gas hub 10.36172/EKONOMISTI.2023.XIX.02.ZURAB.GARAKANIDZE Expanded Summary Global natural gas production increased by nearly 5 percent to reach a record 4.04 trillion cubic meters in 2021. Russia currently ranks as the world’s second largest natural gas producer and is the leading exporter. In 2021, Russia’s natural gas exports were 202 billion cubic meters of pipeline gas, and 39.6 billion cubic meters of liquified natural gas (LNG). [Source: Russia struggles to make up for Europe's gap in natural gas exports. https://www.aa.com.tr/en/europe/russia-struggles-to-make-up-for-europes-gap-in-natural-gas-exports/2717651]. Since the war in Ukraine, Russia has cut natural gas exports to Europe, which previously relied on the country for 40 percent of EU's supply, resulting in skyrocketing energy prices in the Europe. Georgia, with its strategic location on the Black Sea’s eastern shore, has the potential of creating a LNG hub to transport gas to European markets bypas Journal number 2 ∘ Vladimer Basaria ∘ The role of geoeconomics in ensuring national security 10.36172/EKONOMISTI.2023.XIX.02.VLADIMER.BASARIA Expanded Summary The need to research and analyze the globalization of international economic relations, the influence of the world's economic relations on geopolitical processes, the organization and functioning of the global system of economic management led to the emergence of a new science - geoeconomics. Despite the diversity of content definitions of this new science, one thing can be said for sure - geoeconomics is a powerful tool of modern state policy. The essence of the geo-economic approach is that the discussion of the national economy is valid from the world economic position - the national economy in the modern era should be considered as a part of the world economy that coexists with other parts. This means that the analysis of the development of an individual country cannot be complete and reliable without analyzing the development of the global system. It is for this reason that the geoeconomics approach is given speci Journal number 2 ∘ Murman Tsartsidze ∘ Peculiarities of setting and regulating the minimum wage in developed countries 10.36172/EKONOMISTI.2023.XIX.02.MURMAN.TSARTSIDZE Expanded Summary In the current global crisis to improve the living standards of the population and the quality of working life is necessary effective state regulation of their incomes, where sallary and the minimum wage play an important role. The latter refers to the minimum social standard that guarantees the social protection of employees. It directly reflects the level and quality of economic development and social security of the country. Currently, more than 90% of the countries in the world have a minimum wage set by law. Accordingly, problem of minimal wage its definition and regulation are in the constant focus of governmental and trade union organizations in developed countries. The paper presents the assessment of the peculiarities of determining the minimum wage, state regulation in developed countries. Is discussed an analysis of its level and dynamics. Particular attention is paid to its legislative regulation at the t Journal number 2 ∘ Tamila Arnania-Kepuladze ∘ Giorgi Kepuladze ∘ Doctors of Economics in the Labor Market: International Experience 10.36172/EKONOMISTI.2023.XIX.02.TAMILA.ARNANIA.KEPULADZE.GIORGI.KEPULADZE Expanded Summary The spread of scientific-technological innovations and the intellectualization of many areas of human activity significantly changes the structure of the labor market and increases the demand for highly qualified personnel who is able to deep professional knowledge, the skills of research-analytical work and rational planning, who are capable of creative and systematic thinking, assimilation of new competencies, and professional self-development. Such professionals due their work can contribute to the sustainable economic development, to support the increasing competitiveness, and to achieve the prosperity of the country. The training of highly intelligent specialists with creative thinking, research and analytical skills, who are able to make a significant contribution to the creation and dissemination of new knowledge and technologies, usually takes place at the third level of higher educati Journal number 2 ∘ Besarion Siordia ∘ Miron Tugushi ∘ Study of returnees from educational migration in Georgia Expanded Summary The transition to the market economy of our country, together with various problems, presented the problems in the higher education system at all levels. According to the relevant ratings it is clear that our higher educational institutions, despite some successes achieved in the recent period, are significantly behind the higher educational institutions of the developed countries in the quality of teaching and research, which afterwards is reflected in the level of professionalism of the graduates. However, it is widely known how great is the role of qualified personnel with higher education in raising the overall educational level of the entire society and in the development of the country's economy and social sphere, as well as in overcoming unemployment. Thus, in solving this important task, it is of great importance for our young people to receive education in the world's leading universities in order to use this knowledge in their homeland. The mentioned Journal number 2 ∘ Murtaz Kvirkvaia ∘ Mogeli Shengelia ∘ New forms of employment in the labor market Expanded Summary Employment of population has remained an unsolvable problem for Georgia for the last three decades. According to official data, the level of unemployment in 2010-2021 is on average about 20 percent, which is about 300 thousand people. The number of self-employed people in Georgia is quite high (about 400 thousand). It should be assumed that a significant part of them is not, in fact, employed or is classified as inefficiently employed due to low incomes. The ineffectiveness of employment is indicated by the fact that almost a fifth of the workforce is employed in agriculture, where wages, labor productivity, and incomes are low. For example, in the same agriculture in 2021, the average nominal salary was 950.3 GEL. The situation is similar in several other fields. Technological progress has put on the agenda the need for new approaches to the labor market. In the scientific literature, digital work platforms are considered as new forms of employment and new op Journal number 2 ∘ Tengiz Verulava ∘ Ketevan Omanadze ∘ Tea Lazarashvili ∘ Hospital Health Care Anti-Crisis Management Issues in Georgia 10.36172/EKONOMISTI.2023.XIX.02.TENGIZ.VERULAVA.KETEVAN.OMANADZE.TEA.LAZARASHVILI Expanded Summary Background: A disaster causes a large number of people to become ill or injured, which is a heavy burden on the health system causing significant social and financial harm to the state. Disasters are both natural (earthquakes, tsunamis, floods) and man-made (wars, terrorism). Disaster management requires risk assessment, structural and non-structural prevention and emergency planning, warning and evacuation preparedness (1). Hospitals play a major role in disaster management (2). Their prompt and efficient service can be crucial in in reducing the death rate caused by disasters. In order to overcome the obstacles presented by wars and natural disasters, hospitals must improve their disaster preparedness. Hospital disaster preparedness is a continuous process that aims to ensure the resilience and functioning of the hospital during disasters and to respond effectively to quickly overcom Journal number 2 ∘ Lia Totladze ∘ Modeling the Impact of Urbanization on Income Distribution 10.36172/EKONOMISTI.2023.XIX.02.LIA.TOTLADZE Annotation. The modern world is facing huge challenges. Post-pandemic issues added global humanitarian, economic, logistical, and other problems caused by the Russia-Ukraine war. In this context, all countries need to support the appropriate rate of sustainable development. The phenomenon of urbanization maintains a special place in sustainable development goals. The paper discusses the concept of urbanization as a social transformation and its connection to the country's development indicators. The positive and negative effects of urbanization are analyzed. The article emphasizes empirical aspects of population concentration and considers Zipf's law for Georgian cities. An econometric model of the impact of urbanization on income distribution is constructed and evaluated. Urbanization as a phenomenon occupies a special place in the clearly defined goals of sustainable development (SDG). The concept of sustainable development has be Journal number 2 ∘ Gocha Ugulava ∘ For the Issue of Determinacy and Stochasticity in Macroeconomic Forecasting Expanded Summary The article discusses the issue of uncertainty, the role and importance of randomness in economic events. The essence of the deterministic-stochastic dualistic nature of these events, problems during modeling and possible directions for overcoming the contradictions are highlighted. Considerations about the ontological assumption and epistemological interpretation of the essence of randomness, ways of using deterministic nonlinear dynamic (multidimensional chaotic) and stochastic models in modeling economic processes are briefly reviewed. Even today, economic forecasting contributes to the development of the concept of economic development, solves the problems of economic growth in the conditions of limited natural, demographic, material and financial resources. Economic models, using mathematical apparatus, have the functions of classification and structuring of economic variables, including the identification of interrelationships and regularities, explaining the ca Journal number 2 ∘ Avtandil Liluashvili ∘ Research on the awareness of the population about the pension system and cumulative pension, identification and assessment of real risks Expanded Summary The goal of the research is to assess the level of public awareness regarding the pension system and cumulative pension schemes, identify and assess real risks, and evaluate the development of pension schemes and funds in Georgia. Five main problems and risks have been identified related to the development of pension schemes and funds in Georgia: 1. Lack of sufficient Legal framework; 2. Foreign investment and pension fund deficits; 3. Lack of financial instruments and regulations in the Georgian Capital Market; 4. Negative history and experience from the 90s; 5. Low level of public awareness about the pension system. The literature and materials used in the study represent the analysis and comparison of the Georgian pension reform and systems to the best foreign practices. The comparison included studying materials such as legal frameworks, instructions, policies, processes, and procedures. One of the main focuses of the study was on the Pension Agency of Georg Journal number 2 ∘ Lela Iremadze ∘ Self-evaluation of Georgian "HR professionals" and their challenges in professional activity Summary If you ask any representative of the company's management in Georgia, what is the main role of HR in the company, there is a high probability that they will answer that the main role of HR is the selection/recruitment of employees and the signing of labor contracts. Almost the overwhelming majority of managers think that the results and success achieved by the company are more due to them than to the HR manager. Such an attitude on the part of the employer is currently an actual problem in Georgia. A big challenge for HR personnel is the inappropriate appreciation of their role in the company, imposed restrictions, incomplete delegation of functions and duties, provision of inappropriate resources. At the same time, they are responsible for such important issues such as: selection/recruitment of employees, signing of the labor contract, as well as formation and strengthening of organizational culture, integration of new employees, planning and maintenance of human capital, po