Economics Olympiad (EO) is a project that improves the level of economic and financial literacy in the country. It was established by the Institute of Economic Education (INEV) in the Czech Republic in 2016, and since 2017 it has become an international project. INEV already conducts Olympiads in 6 countries (Slovakia, Hungary, Greece, Bosnia-Herzegovina, Poland, China), in which 100,000 students and 3,500 teachers are involved annually, and this data is growing.
The Economics Olympiad in Georgia is held under the INEV model and its mandate, which is carried out by the Georgian Economic Literacy Initiative (GELi) in partnership with the Bank of Georgia, Economic Fundamental Initiative (EFI) and Tbilisi Free University with the exclusive rights. The media partner of the Olympiad is Business Media Georgia (BMG), the social media partner is Orjer ori (2x2).
In 2016, the National Bank of Georgia developed the National Financial Education Strategy of Georgia, which was a response to the results of an in-depth study of financial education throughout the country initiated by the National Bank of Georgia in April of the same year. Findings have shown that the level of financial education in the country is unsatisfactory.
According to the strategy, an action plan was created to overcome the above-mentioned challenge, according to which high-need target groups were identified as channels for the implementation of the financial and economic education program, among which schools occupy the first place. One of the important activities in schools is the Olympiad, which encourages the accumulation of knowledge on economic and financial issues.
Students of the 10th, 11th and 12th grades of schools operating in Georgia can participate in the Olympiad. The Economics Olympiad consists of rounds that vary in difficulty and format.
Economics Olympiad introduces students and brings them closer to economics at a level that will be useful for them in the means of making personal and public decisions.
The school round is conducted through an online testing system. Before the test, there is a school registration process and teachers are registered as the coordinator of their school. After the registration of the schools, during the testing week, students write a test that includes 25 questions and lasts 40 minutes. Successful students will participate in the national round.
The national round is an all-day event. Guests will be invited for a panel discussion. It is a great opportunity for contestants and teachers to meet with economic experts, special guests, etc. In the testing process, students will answer closed and open questions on economic issues, and 10 successful students will have an interview with the jury. Five students with the best results will participate in the Economics Summer Camp and go to the international round of the Economics Olympiad.
Economics Summer Camp
Economics trainings at the camp are led by economists selected based on their teaching experience. Discussions, activities, and interactive sessions will allow participants to prepare for the international round.
The international final round is an official event for the top 5 contestants from each country, which usually takes 2-4 days in September or October and is organized by one of our partners’ countries. In 2023, Slovakia will host the international round of the Economics Olympiad.
The competition has two parts, written and oral. First there will be a written exam and then the top 10 students will participate in an oral exam. In addition to the testing itself, there are other activities prepared for participants such as workshops, team activities, tours around the city, etc. Prestigious guests are invited to participate in panel discussion, as a committee or to run a workshop for students. It is a special event that gives an opportunity to build new international connections and to bring the top students together.