<abstract xmlns="http://www.w3.org/1999/xhtml"><p>The aim of this article is to examine Georgia's economic transformation and try to answer the question: Why Georgia is not able to have a stable and high economic growth? In this article, it will be an attempt to answer this question by taking into account the weak private sector in Georgia, as one of the main burdens of economic growth. The article attempts to analyse the economic transformation in Georgia. The reasons for its failure and consequences, also to estimate its possible impact on the nowadays economic situation in Georgia. The latter will be examined from the perspective of Institutional Theory. The article will try to answer the above-mentioned question and problems, taking into account the institutional changes in Georgia. The article explains the unsuccessful path of transformation and tries to connect its results to the current economic situation in Georgia.</p></abstract>

The aim of this article is to examine Georgia's economic transformation and try to answer the question: Why Georgia is not able to have a stable and high economic growth? In this article, it will be an attempt to answer this question by taking into account the weak private sector in Georgia, as one of the main burdens of economic growth. The article attempts to analyse the economic transformation in Georgia. The reasons for its failure and consequences, also to estimate its possible impact on the nowadays economic situation in Georgia. The latter will be examined from the perspective of Institutional Theory. The article will try to answer the above-mentioned question and problems, taking into account the institutional changes in Georgia. The article explains the unsuccessful path of transformation and tries to connect its results to the current economic situation in Georgia.

The Essentials of Georgia's Economic Transformation

Ivane Javakhishvili Tbilisi State University

Wroclaw Review of Law, Administration & Economics

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

{"article-title":"The Essentials of Georgia's Economic Transformation"}

The aim of this article is to examine Georgia's economic transformation and try to answer the question: Why Georgia is not able to have a stable and high...

Month	Compared with the previous month (%)	Compared with the respective month of the previous year (%)	Month	Compared with the previous month (%)	Compared with the respective month of the previous year (%)
January/1994	151.3	14702.3	January/1995	13.8	3691.9
February/1994	34.7	14690.5	February/1995	0.1	2717.9
March/1994	52.2	19690.5	March/1995	−0.3	1745.9
April/1994	83.7	29063.1	April/1995	0.2	906.8
May/1994	45.6	32115.8	May/1995	0.7	596.4
June/1994	7.5	26268.3	June/1995	−0.6	543.9
July/1994	5.8	20234.3	July/1995	4.1	621.8
August/1994	69.72	26798.5
September/1994	257.5	63819.3
October/1994	−7.7	35381.0
November/1994	0.8	14950.0
December/1994	−7.1	8279.1

Month	Compared with the previous month (%)	Compared with the respective month of the previous year (%)	Month	Compared with the previous month (%)	Compared with the respective month of the previous year (%)
January/1992	29.1	176.3	January/1993	26.7	1434.9
February/1992	17.5	216.9	February/1993	37.0	1689.6
March/1992	197.8	787.9	March/1993	13.8	584.1
April/1992	48.6	826.9	April/1993	24.7	473.8
May/1992	−20.6	637.4	May/1993	31.8	852.1
June/1992	20.0	777.5	June/1993	31.3	942.1
July/1992	16.8	910.8	July/1993	39.8	1147.0
August/1992	6.0	970.0	August/1993	28.3	1409.0
September/1992	14.6	1033.0	September/1993	50.4	1881.8
October/1992	11.6	1097.8	October/1993	66.3	2853.5
November/1992	13.3	1202.1	November/1993	137.6	6068.0
December/1992	35.7	1176.9	December/1993	67.0	7487.9

The Essentials of Georgia's Economic Transformation

Publicado en línea: 11 jun 2020

Páginas: 46 - 57

DOI: https://doi.org/10.2478/wrlae-2019-0003

Palabras clave
Economic transformation, post-Soviet transformation, institutional economics, Georgia

© 2019 Tsotne Iashvili, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Diagram 1

Diagram 2

Figure 1

Monthly Inflation in Georgia (1994–1995)

Monthly Inflation in Georgia (1992–1993)

Annual Inflation in Georgia (1992–1995)

The Essentials of Georgia's Economic Transformation

Publicado en línea: 11 jun 2020

Páginas: 46 - 57

DOI: https://doi.org/10.2478/wrlae-2019-0003

Palabras claveEconomic transformation, post-Soviet transformation, institutional economics, Georgia

© 2019 Tsotne Iashvili, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Diagram 1

Diagram 2

Figure 1

Monthly Inflation in Georgia (1994–1995)

Monthly Inflation in Georgia (1992–1993)

Annual Inflation in Georgia (1992–1995)

Palabras clave
Economic transformation, post-Soviet transformation, institutional economics, Georgia