Macroeconomic and Cultural Determinants of the COVID-19 Pandemic Crisis

Bulletin of the Georgian National Academy of Sciences, 2021, Vol. 15, No. 2, pp. 155-161.

11 Pages Posted: 3 Oct 2022

Date Written: Marth 17, 2021

Abstract

The main purpose of the study presented in the paper is to reveal some important macroeconomic and cultural features of the economic crisis caused by the COVID-19 pandemic. The study used the methods of system analysis and modeling. Since the source of the crisis was not the economy but the catastrophic impact of the coronavirus on various fields of human activities, the importance of developing the knowledge economy as well as the relevance of the concepts of the green economy and green growth are discussed and substantiated. In the study it's underscores that globalization is not a direct reason for the coronavirus crisis but it may significantly exacerbate such crises unless a clean environment is promoted and relevant "green" technologies are actually used in all the sectors of the economy. The author pays particular attention to the issue of increased economic uncertainty and according results of studies shows the necessity of strengthening comprehensive economic forecasting and analytical activities both in the private sector as well as when developing a macroeconomic policy.

Keywords: [comma separated]COVID-19 Pandemic, Economic Crisis, High Uncertainty, Knowledge-Based Economy, Green Economy, Culture as a Determinant of Behavior

JEL Classification: E01; C4

Suggested Citation

Bedianashvili, Givi, Macroeconomic and Cultural Determinants of the COVID-19 Pandemic Crisis (Marth 17, 2021). Bulletin of the Georgian National Academy of Sciences, 2021, Vol. 15, No. 2, pp. 155-161. , Available at SSRN: https://ssrn.com/abstract=4228000 or http://dx.doi.org/10.2139/ssrn.4228000

Givi Bedianashvili (Contact Author)

TSU ( email )

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Building I
Tbilisi, 0218
Georgia
599969459 (Phone)

EU ( email )

Tbilisi
Georgia
599969459 (Phone)
0141 (Fax)

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