THE MAIN CHALLENGES OF GEORGIA’S ECONOMY AND PROSPECTS FOR EXPANDING GEORGIA-EU RELATIONS
THE MAIN CHALLENGES OF GEORGIA’S ECONOMY AND PROSPECTS FOR EXPANDING GEORGIA-EU RELATIONS

Summary/Abstract: The association agreement between the EU and Georgia (the country) was signed as early as 2014 and this agreement fully entered into force in July 2016. The agreement represents the foundation for political association and economic integration. Just now, Georgia made one more step toward Europe. On November 8, 2023, the European Commission recommended granting Georgia the status of candidate. Besides the fact that it is an important event of political significance, the economic benefits also should be mentioned. Many economists in Georgia mention this in their assessments though there are the opposite views. Some of the Georgian economists consider this opinion as excessive. The European Union, based on common values, supports the peace and stability for Georgia, as well as the necessity of the programs for the political and economic reforms needed for the social and economic development of the country. Granting the status of the candidate is a guarantee for the well-being of the country. It will have positive influences on investments, exports, and broader marketing between the European countries and Georgia. This is the aim for Georgia to which the country has been aspiring for several years. Besides the above-mentioned, we see that the EU firmly supports Georgia, in its territorial integrity. The EU is involved in the solution of the territorial problems existing with the self-announced regions of Abkhazia and so-called South Ossetia. Georgia has prolonged territorial conflicts with the mentioned regions.

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