FEATURES OF THE MODERN ECONOMIC CRISIS IN GEORGIA
Abstract
After the five-day Russian-Georgian war in August 2008, and in consideration of the global financial crisis, Georgia has come to face some new economic challenges. As far as Georgia’s economic crisis is concerned, it must be noted that the crisis also has its own domestic roots. These latter consist in the economic policy mistakes that the post-revolution government has made in the aftermath of the Rose Revolution. The negative effects of the Georgian economic crisis might have been far more distressing had the international community not extended a helping hand in response to the Russian military aggression. In other words, although war by essence is a negative phenomenon, it had a positive implication for Georgia, to a certain degree, to the extent that the country received an enormous amount of international financial assistance. This creates, therefore, a so-called “Paradox of War” or a situation wherein aggressive entails not only negative consequences but some positive ones, too.
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