კონფერენცია

∘ Vladimer Papava ∘ Tamar Tapladze ∘
ON THE CORONOMIC CRISIS

Summary

The paper analyzes the problem of the economic consequences of the COVID-19 pandemic. The creation of a new term, “Coronomics,” is commendable in order to focus on the problem of the impact of the 4 spread of the coronavirus on the economy. It is necessary to realize that the world is not facing a classical type but, rather, a qualitatively new global economic crisis. Its causes are not endogenous but instead exogenous; that is, these causes are not generated within the economy but are provoked by the rapid spread of a source outside of the economy – the coronavirus. Given this factor, in contrast to the classical economic crisis, both separate countries and the whole world are at risk of, according to the new term, a “Coronomic crisis.”

Keywords: COVID-19 pandemic, global economic crisis, coronomics, coronomic crisis, globalization, protectionism.

Ivane Javakhishvili Tbilisi State University Paata Gugushvili Institute of Economics International Scientific C O N F E R E N C E S "ECONOMY – XXI CENTURY"

E ISSN 2587 - 4691	∘ Vladimer Papava ∘ Tamar Tapladze ∘ ON THE CORONOMIC CRISIS Summary The paper analyzes the problem of the economic consequences of the COVID-19 pandemic. The creation of a new term, “Coronomics,” is commendable in order to focus on the problem of the impact of the 4 spread of the coronavirus on the economy. It is necessary to realize that the world is not facing a classical type but, rather, a qualitatively new global economic crisis. Its causes are not endogenous but instead exogenous; that is, these causes are not generated within the economy but are provoked by the rapid spread of a source outside of the economy – the coronavirus. Given this factor, in contrast to the classical economic crisis, both separate countries and the whole world are at risk of, according to the new term, a “Coronomic crisis.” Keywords: COVID-19 pandemic, global economic crisis, coronomics, coronomic crisis, globalization, protectionism.