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In globalization, the primary way to increase the country's competitiveness in the world market is to improve education and increase human capital. The transition to the knowledge economy is a long-term process and requires fundamental changes in the education system. The traditional mission of the education system - informational education - has become a thing of the past. Today, the main priority is developing a quality education system and supporting science, technology, and innovation. The development of a knowledge-based, innovative economy is a necessary condition for increasing Georgia's competitiveness. Several reforms were implemented to improve the education system, ensure macroeconomic stability, attract foreign investments, develop foreign trade, and economically integrate Georgia with the European Union. However, social policy and human capital development remain challenges for our country. Numerous scientific studies have been devoted to determining the connection between the level of knowledge and economic growth. New strategies and policy documents are being created, the analysis of which and the development of recommendations for monetary policy improvement are the main goals of the paper. The article presents the main challenges of the Georgian education system and evaluates the role of human capital and innovation in the development of the economy. [ABSTRACT FROM AUTHOR]