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Fati Shengelia
MODERN ECONOMIC CHALLENGES AND THE GEORGIAN ECONOMY Summary

The modern world economy has been challenged by the Coronavirus pandemic. Advanced developed countries have also been unprepared for the ongoing processes. The world economy is in an unprecedented phase of economic shock. Coronavirus has caused economic damage to millions of people, Real GDP growth in Georgia will Fall by 4% by 2020. The country's balance of payments will almost double and approach 10.5%. The implementation of effective policies by the state is far from the expected severe economic consequences. The Georgian government has developed an anti-crisis plan for the country's economic development. One billion 35 million GEL has been allocated for the care of citizens and their social support; 2 billion 110 million GEL for economic care and entrepreneurship support; 350 million GEL for strengthening health care and fighting the pandemic. In this situation, we need to learn to coexist with this virus and carry out economic activities. We need to take into account the recommendations of the World Health Organization and accordingly reorganize the business. Georgia was able to recover from a severe crisis at the expense of the professionalism of medical staff with minimal losses and be able to overcome economic hardship with the help of a team of professional economists, we have the potential to do that and we will be able to do it with the right management