ქართ | Eng

ISSN 2449-2396 (Print) | E ISSN 2449-2612 (Online)

JEL Classifications: A12, D01, E2, F4, H56


https://doi.org/10.35945/gb.2022.13.007



FOREIGN DIRECT INVESTMENTS DURING THE CORONOMIC CRISIS AND ARMED CONFLICT IN THE NEIGHBOURHOOD, CASE OF GEORGIA

Author: Vakhtang Charaia, Mariam Lashkhi, Mariam Lashkhi | Published: 2022-05-17 | Pages: 51-56

Full Text

For Citation: Charaia,V., Lashkhi, M., & Lashkhi, M., (2022). Foreign Direct Investments during the Coronomic Crisis and Armed Conflict in the Neighbourhood, Case of Georgia. Globalization and Business. 13, 51-56. https://doi.org/10.35945/gb.2022.13.007

Abstract

Paper provides an analysis of FDI challenges and their impact on the service sector of Georgia, under the covid-19 global pandemic, along with the armed conflict factor in Eastern Europe, between Ukraine and Russia. The article also discusses such issues as public debt, economic growth, employment, international rankings, trade, tourism and etc. Since the cases of different countries vary according to their economic structure, political reality, and even the readiness to overcome those newest and unprecedented challenges, the case of Georgia provides a great example of a small, democratic, developing economy, which significantly depends on foreign direct investments both inward and outward, regional stability and not the least - western cooperation and support.


Keywords

Covid-19 Global Pandemic, Armed Conflict, Foreign Direct Investments, Georgia, Service Sector


References

Allison, R. (2014). Russian “deniable” intervention in Ukraine: how and why Russia broke the rules Get access Arrow. International Affairs, 90, (6), November 2014, 1255–1297, https://doi.org/10.1111/1468-2346.12170

Benashvili, G. (2017). Boosting Entrepreneurship in Georgia Development of Fab Labs. PressAcademia 4, (1), 29-33. http://pressacademia.org/archives/pap/v4/4.pdf

Ben-David, R. (2022). Unprecedented’ scale of sanctions, boycott took Russia by surprise, experts say. The Times of Israel. https://www.timesofisrael.com/unprecedented-scale-of-sanctions-corporate-boycott-take-russia-by-surprise/

Charaia, V., Chochia, A., & Lashkhi, M. (2020). The impact of FDI on Economic development: The Case of Georgia. TalTech Journal of European Studies, 10 (2), 96-116. https://sciendo.com/article/10.1515/bjes-2020-0017

Charaia, V., Chochia, A., & Lashkhi, M. (2021). Promoting Fintech financing for SME in S. Caucasian and Baltic States during the Covid-19 Global Pandemic. Journal of Business Management and Economics Engineering, 19 (2). https://journals.vgtu.lt/index.php/BME/article/view/14755

Charaia, V., & Lashkhi, M. (2020). Georgia and China: The Economic Ties that Could One Day Bind. A Sea Change? China’s Role in the Black Sea, 26. https://mei.edu/sites/default/files/2020-11/A%20Sea%20Change%3F-China%27s%20Role%20in%20the%20Black%20Sea.pdf

Charaia, V., & Lashkhi, M. (2021). COVID-19 effect on FDI motivation and their impact on service sector: Case of Georgia. In C. Cobanoglu, & V. Della Corte (Eds.), Advances in global services and retail management, 1-11. USF M3 Publishing. https://www.doi.org/10.5038/9781955833035

Charaia, V., & Lashkhi, M. (2021). Economic cooperation between Central Caucasus, China, and EU, under COVID-19 challenges. In C. Cobanoglu, & V. Della Corte (Eds.), Advances in global services and retail management, 1–9. USF M3 Publishing. https://www.doi.org/10.5038/9781955833035

Charaia, V., & Lashkhi, M. (2021). Strategic cooperation between China and the South Caucasus countries. China and Eurasia: Rethinking Cooperation and Contradictions in the Era of Changing World Order. Routledge. https://www.taylorfrancis.com/chapters/edit/10.4324/9781003109259-14/strategic-cooperation-china-south-caucasus-countries-vakhtang-charaia-mariam-lashkhi

Eichengreen, B. (2022). The Monetary Consequences of Vladimir Putin. Project Syndicate. https://www.project-syndicate.org/commentary/russia-financial-sanctions-will-change-currency-reserves-by-barry-eichengreen-2022-03?a_la=english&a_d=6229cf8fef1af2dec478e263&a_m=&a_a=click&a_s=&a_p=homepage&a_li=russia-financial-sanctions-will-change-currency-reserves-by-barry-eichengreen-2022-03&a_pa=latest&a_ps=&a_ms=&a_r=

Geller, A., Wiseman, P., & Rugaber, C. (2020). Outbreak Starts to Look More Like Worldwide Economic Crisis. Herald Tribune, February 28.

GEOSTAT. (2022). External Trade. https://www.geostat.ge/en/modules/categories/35/external-trade

GEOSTAT. (2022). Foreign Direct Investments. https://geostat.ge/media/43842/FDI_Eng-countries.xlsx

Ghosh, J. (2022). Putin’s War Is Damaging the Developing World. Project Syndicate. https://www.project-syndicate.org/commentary/ukraine-war-economic-damage-for-developing-countries-by-jayati-ghosh-2022-03

GNTA. (2022). International Travel (Residence). (2021). https://gnta.ge/wp-content/uploads/2022/01/2021-ENG.xlsx

Ip, G. (2022). War in Ukraine Fans the Flames of Global Inflation. The Wall Street Journal. https://www.wsj.com/articles/war-in-ukraine-fans-the-flames-of-global-inflation-11646922368

Kirby, P. (2021). Why has Russia invaded Ukraine and what does Putin want? BBC. https://www.bbc.com/news/world-europe-56720589

Krugman, P. (2021). Pandemic Economics: Stay Weird. The New York Times, February 16. https://static.nytimes.com/email-content/PK_sample.html

Lashkhi, M., & Charaia, V. (2017). Investment Development Path and Motivations for Foreign Direct Investment in Georgia. World Academy of Science, Engineering and Technology. International Journal of Economics and Management Engineering, 11, (11), 3213.

Lashkhi, M., & Charaia, V. (2020). China in the South Caucasus: Economic Interests. Silk Road 2020 (virtual) Conference, 74-78. https://www.researchgate.net/profile/Kyrylo-Mieliekiestsev/publication/349670327_The_post-truth_era_and_its_effects_on_public_perception_of_Georgian_and_Ukrainian_history/links/603bb202299bf1cc26fbb270/The-post-truth-era-and-its-effects-on-public-perception-of-Georgian-and-Ukrainian-history.pdf#page=75

Miliband, D., Radin, E., & Eleftheriades, C. (2021). Fixing the Broken Pandemic Financing System. Project Syndicate. https://www.project-syndicate.org/commentary/fixing-pandemic-financing-system-by-david-miliband-et-al-2021-06

NBG. (2022. Money Transfers by Countries. https://nbg.gov.ge/fm/%E1%83%A1%E1%83%A2%E1%83%90%E1%83%A2%E1%83%98%E1%83%A1%E1%83%A2%E1%83%98%E1%83%99%E1%83%90/external_sector/eng/money-transfers-by-countries-eng.xlsx?v=17w5z

Papava, V., & Charaia, V. (2020). The coronomic crisis and some challenges for the Georgian economy. GFSIS, Expert Opinion, 136. https://www.gfsis.org/files/library/opinion-papers/136-expert-opinion-eng.pdf

Papava, V., & Charaia, V. (2021). Public Debt Increase Challenge under COVID-19 Pandemic Economic Crisis in the Caucasian Countries. Journal of Contemporary Issues in Business and Government. 2021, 27, 3. https://cibg.org.au/article_10671.html.

Papava, V., & Charaia, V. (2021). The Problem of the Growth of Georgia's Public Debt during the Economic Crisis under the COVID-19 Pandemic. GFSIS, Expert Opinion, 152. https://www.gfsis.org/files/library/opinion-papers/152-expert-opinion-eng.pdf

Puma, M. J., & Konar, M. (2022). What the War in Ukraine Means for the World’s Food Supply. The New York Times. https://www.nytimes.com/2022/03/01/opinion/what-the-war-in-ukraine-means-for-the-worlds-food-supply.html

Riley, C. (2020). Coronavirus is fast becoming an ‘Economic Pandemic’. CNN Business. https://edition.cnn.com/2020/02/24/business/coronavirus-global-economy/index.html

Roubini, N. (2021). A Fragile Recovery in 2021. Project Syndicate. https://www.project-syndicate.org/onpoint/fragile-global-and-us-recovery-in-2021-by-nouriel-roubini-2021-01

Segal, E. (2022). Ukraine Crisis Creates New Strains On Global Supply Chains. Forbes. https://www.forbes.com/sites/edwardsegal/2022/03/06/ukraine-crisis-creates-new-strains-on-global-supply-chains/?sh=339781e910af

Shatakishvili, D. (2021). Economic Ties of Georgia with Central Asian Countries and Future Cooperation Perspectives. International Journal of Trend in Scientific Research and Development, 5, (6), 305-314. www.ijtsrd.com/papers/ijtsrd46396.pdf

Sikharulidze, D., & Charaia V. (2018). Oli paradigm and investment position of Georgia. Globalization & Business, 71–78. https://www.eugb.ge/view_archive2.php?content=content&id=126&OLI%20PARADIGM%20AND%20INVESTMENT%20POSITION%20OF%20GEORGIA

Soros, G. (2022). Vladimir Putin and the Risk of World War III. Project Syndicate. https://www.project-syndicate.org/commentary/putin-ukraine-world-war-3-risk-by-george-soros-2022-03

Stiglitz, J. (2021). COVID-19 and Human Freedom. Project Syndicate. https://www.project-syndicate.org/commentary/covid19-spike-in-us-reflects-misunderstanding-of-liberty-by-joseph-e-stiglitz-2021-09?utm_source=Project+Syndicate+Newsletter&utm_campaign=1cbaf2a836-covid_newsletter_09_09_2021&utm_medium=email&utm_term=0_73bad5b7d8-1cbaf2a836-93567601&mc_cid=1cbaf2a836&mc_eid=e9fb6cbcc0

UNCTAD. (2021). Global foreign direct investment rebounded strongly in 2021, but the recovery is highly uneven. https://unctad.org/news/global-foreign-direct-investment-rebounded-strongly-2021-recovery-highly-uneven

UNCTAD. (2021). World Investment Report. https://unctad.org/system/files/official-document/wir2021_en.pdf

Zhan, X. (2020). Covid-19 and investment - an UNCTAD research round-up of the international pandemic's effect on FDI flows and policy. Transnational Corporations, 27 (1).

Globalization & Business European University European University European University mes.gov.ge erih plus mes.gov.ge EBSCO index copernicus Google Scholar Crossref Open Academic Journals Index ISSN WorldCat Microsoft Academic Dimensions DRJI The National Parliamentary Library of Georgia Internet Archive