Analysis of the financial market as a driving force of the regional economy in the conditions of pre- and post-pandemic
2021
Tsintsadze, A., Batumi Shota Rustaveli State Univ. (Georgia). Faculty of Economics and Business | Vashakmadze, I., Batumi Shota Rustaveli State Univ. (Georgia). Faculty of Economics and Business | Tavadze, I., Batumi Shota Rustaveli State Univ. (Georgia). Faculty of Economics and Business | Meloyan-Phutkaradze, L., Batumi Shota Rustaveli State Univ. (Georgia). Faculty of Economics and Business
The pandemic has negatively affected the financial sector, as well as the real sector of the economy; both losses and credit risks in the financial market have increased on the background of the economic activity slowed-down. In 2019, the credit activity was high, however after the spread of the virus the activity slowed down significantly. This is natural, as due to the suspension of production organizing, the unemployment has increased. Volume of the direct foreign investments has decreased by 42 %. Government of Georgia has developed an anti-crisis plan, important part of which is about the mitigation of deteriorated living conditions caused by the unemployment, whereas the National Bank of Georgia has pursued monetary and fiscal policies for the purpose of mitigation of negative influence of COVID-19 on the country’s financial sector and for the stimulation of the country's economy. In general, saving the business is considered as a priority. The current situation in the banking, insurance and stock markets and their role in the fight for maintaining the economic stability are analysed in the present article. It is important to note that, the insurance sector is the part of the economic, which did not need financial assistance in a difficult situation, but due to the common socioeconomic situation, diseases caused by the stressful conditions of the population, it was necessary to make significant changes in the list of the insurance services.
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