FROM THE EDITOR I

Jemal Inaishvili

Difficult period for the world economy. Record oil prices and US dollar fall, together with mortgage market crisis, created a difficult environment for stock exchange.

Prices on nearly all kind of food products, starting with wheat ending with sugar and oil, has been increasing. It is natural that, Georgia being an importer of all these products appeared in the centre of events. Changes affected our market and our life. The present edition mainly gives forecasts and discussion on these events. Therefore, you can find mortgage market crisis world survey and analysis of an expert, Ilia chavchavadze State University professor, Dimitry Japaridze (p.12) also world oil market survey and forecasting fuel prices in Georgia with Dr. Soso Pkhakadze (p.8)
We would like to draw your attention to wheat market and to discuss price forming causes to introduce a wide survey of an international economy, its trends and upcoming challenges. We return to the issue of free economic zones, once again look through Hong-Kong’s development route and peculiarities current tender in Georgia on the issue, information on participants and its further development in our country (p.16).
Export is quite a painful issue in Georgia. Foreign trade turnover has growing trends this year and together with it, its negative balance indicator. The latest trend analyses – dynamics and export geography – are noteworthy. We should also consider 2008 Budget Project that is characterized by income, especially tax income, as well as expenditure peculiarities. Inflation expectation is large in Georgia; Economic growth forecast 10 % presented by the government probably requires complete analysis. In the present edition you can find attractive investment countries’ ratings and materials on new members of Nobel Prize winners’ family;
You can traditionally find scientific works on active issues of economy, home and international market statistics.
Let me remind my economist colleagues that on December 30, we organize interuniversity scientific conference, where professors from leading economic higher education institutions participate, discussions on current local and international changes and peculiarities of economy will take place. Let us take an active participation in the conference. I believe it will give a huge opportunity to intellectuals working in Georgian economy.
Perhaps it is better to meet time rather than follow it.