Economic integration and the new challenges of Georgia

Abstract

The present paper discusses key characteristics and challanges of globalization and economic
integration at the current stage. It’s noted that integration results in the intensification of regional
processes, openness of the economic system of the countries, universalization of norms of trading
and financial operations, unification of market regulations and control, etc. In addition, integration
increases interdependence of states. Since regaining its independence, Georgia has been quickly
involved in the world economic integration processes. Currently, it is a fast developing democratic
state aiming to restore territorial integrity and strengthen its economy. For this purpose, the country is
oriented to integration in the European Union and NATO. The paper analyzes the examples of the
implications of the recent global processes on the Georgian economy. It is concluded that economic
globalization and integration are important and irreversible processes. Due to its geopolitical location,
Georgia can hold a special position in modern global economic globalization in the near future. For
this purpose, the state should exercise a sensible economic policy and deepen international economic
relations both with developed and developing countries.