The role, consequences and challenges of globalization in the economic reality of Georgia

Abstract

An in-depth study of the impact of global globalization on the Georgian economy is based on the analysis and generalization of its role, consequences and challenges. In the paper, we will discuss in detail both positive and negative aspects of globalization, including its impact on foreign trade relations, attracting foreign investments, the development of service and industrial sectors, the dynamics of the labor market and employment, and the well-being of society. The paper covers the impact of geopolitical aspects of globalization on Georgia, as well as the management and adaptation of important state strategies and policies to the conditions and challenges of a globalized world, which requires constant monitoring, adaptation, flexibility, protection of national interests and preservation of Georgia's cultural heritage. At the same time, it opens up significant opportunities for Georgia for economic and financial growth and raising the living standards of the population. There are different approaches to globalization and its consequences from scientists and various economic and financial experts (including in Georgia). One group considers globalization as a means of economic growth and raising living standards, while the other considers it a threat to national sovereignty, geopolitical risks, growing inequality and ecological problems. It is important for us to consider and analyze the impact of globalization on the economic and financial sectors and the prospects for further development in relation to the economic reality of Georgia. Also, a sophisticated understanding of the interaction between globalization and geopolitics is crucial for the sustainable development of Georgia and the development of effective strategies.