კონფერენცია

∘ Lali Khikhadze ∘
THE IMPACT OF THE RUSSIA-UKRAINE WAR ON THE ECONOMIC DEVELOPMENT OF THE WORLD AND GEORGIA

Abstract

In the post-pandemic stage of 2022-2023, the world economy faced severe new challenges, as the economic stagnation and depression caused by the COVID-19 pandemic was compounded by the start of hostilities in Ukraine by the Russian Federation on February 24, 2022. The world civilized community imposed strict sanctions against Russia in order to deter aggression.At the same time, the difficulties for the economy of many countries of the world have worsened and reached a critical point. At the same time, the post-pandemic challenges were also accompanied by the problems characteristic of the global recession - the increase in prices and inflation levels, the decrease in investments, the fall in the exchange rate of the national currency, unemployment, the energy crisis, the increase in the price of real estate, the increase in the vulnerability of the population and other problems.

At the modern stage, the post-pandemic challenges are significantly aggravated by the Russia-Ukraine hostilities, which has a particularly acute impact on the economies of both developed and vulnerable developing countries.

Post-pandemic challenges are predicted, and the Russia-Ukraine war will last a long time, its defeat will require a long time and billions of funds to be mobilized, which will therefore greatly aggravate the global recession process, while the world financial crisis and depression will doubt the solvency of countries, and as a result, most of the world's countries will be at risk of financial crisis and default. It is even possible to stand in front of it.

The Russian-Ukraine war did not slow down the growth rate of the Georgian economy, on the contrary, it accelerated it. The main reason for this is about 200,000 migrants from Russia, Ukraine and Belarus who came to live in Georgia. First of all, migration to the real estate sector,The demand for buying and renting residential houses has increased. In January-November, Georgia received 2.5 billion US dollars from Russian visitors (including migrants) and remittances from Russia. If we add to this the money brought in,In terms of money, this amount probably reaches 3.5 billion dollars. Exports, which increased by 32% in 2022, made a significant contribution to the high economic growth.

Key words: Russia-Ukraine war; global recession; post-pandemic challenges; monetary policy of the National Bank; International Monetary Fund; World Bank Group.Economy of Georgia.

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	∘ Lali Khikhadze ∘ THE IMPACT OF THE RUSSIA-UKRAINE WAR ON THE ECONOMIC DEVELOPMENT OF THE WORLD AND GEORGIA Abstract In the post-pandemic stage of 2022-2023, the world economy faced severe new challenges, as the economic stagnation and depression caused by the COVID-19 pandemic was compounded by the start of hostilities in Ukraine by the Russian Federation on February 24, 2022. The world civilized community imposed strict sanctions against Russia in order to deter aggression.At the same time, the difficulties for the economy of many countries of the world have worsened and reached a critical point. At the same time, the post-pandemic challenges were also accompanied by the problems characteristic of the global recession - the increase in prices and inflation levels, the decrease in investments, the fall in the exchange rate of the national currency, unemployment, the energy crisis, the increase in the price of real estate, the increase in the vulnerability of the population and other problems. At the modern stage, the post-pandemic challenges are significantly aggravated by the Russia-Ukraine hostilities, which has a particularly acute impact on the economies of both developed and vulnerable developing countries. Post-pandemic challenges are predicted, and the Russia-Ukraine war will last a long time, its defeat will require a long time and billions of funds to be mobilized, which will therefore greatly aggravate the global recession process, while the world financial crisis and depression will doubt the solvency of countries, and as a result, most of the world's countries will be at risk of financial crisis and default. It is even possible to stand in front of it. The Russian-Ukraine war did not slow down the growth rate of the Georgian economy, on the contrary, it accelerated it. The main reason for this is about 200,000 migrants from Russia, Ukraine and Belarus who came to live in Georgia. First of all, migration to the real estate sector,The demand for buying and renting residential houses has increased. In January-November, Georgia received 2.5 billion US dollars from Russian visitors (including migrants) and remittances from Russia. If we add to this the money brought in,In terms of money, this amount probably reaches 3.5 billion dollars. Exports, which increased by 32% in 2022, made a significant contribution to the high economic growth. *Key words:* Russia-Ukraine war; global recession; post-pandemic challenges; monetary policy of the National Bank; International Monetary Fund; World Bank Group.Economy of Georgia.