Paper provides an analysis of public debt problem in the Caucasian countries of Armenia, Azerbaijan, Georgia, Iran, Russia, and Turkey during the economic crisis under the COVID-19 pandemic. It also discussed some closely related issues, such as inflation, economic growth, employment, international rankings etc. The paper analysis the different realities and perspectives of current and future developments of COVID-19 pandemic on selected countries economy. While recognizing that public debt increase was unavoidable during the global pandemic challenge, paper concludes that its effectiveness is hugely depended on when global economy can finally overcome the fact of being a hostage of COVID-19.