THE CRISIS OF SMALL AND MEDIUM BUSINESS SUBJECTS AND ITS PREVENTION IN THE POST-PANDEMIC PERIOD IN GEORGIA

Abstract

Small and medium-sized businesses in Georgia have been the subject of extensive research for decades since the transition to a market economy. However, despite the huge number of studies, there is no clear definition of the term – small and medium-sized business.  In addition to the comprehensive analysis of business subjects’ activities, this work offers a new, research-based definition of the term.

Disruptions in the business operating cycle, force-majeure, crises and the cases of complete paralysis are the subject of our complex research, which frequently appears to be a variety of business cycle stress tests and represents valuable scientific material for future research.

The Covid-19 pandemic has been and continues to be the most expensive, demanding and long-lasting stress test of contemporary world, which a huge number of business entities have struggled to overcome, and many of them are still grappling with this challenge.

During and after the pandemic period, Georgian government, international organizations, financial institutions, public organizations and others played critical roles in ensuring the smooth business operations. The relevance of our research stems from this complex, diverse anti-crisis measures in various domains, as well as the study of approaches, being entirely based on empirical research using interdisciplinary methodology. 

The research was supported by Shota Rustaveli National Science Foundation of Georgia, (SRNSFG) Grant number YS-22-548; project title –“The Crisis of Small and Medium Business Subjects and its Prevention in the Post-Pandemic Period in Georgia“.