The lack of structural reforms and high pressure on private business give birth to macroeconomic and fiscal problems - Roubini

21 September 2013

The economic problems of Ukraine are very similar to the current situation in other developing markets – in particular, Indonesia and South Africa. This topic was covered by Professor of Stern School of Business, Nouriel Roubini, at the 10th Annual Meeting of the Yalta European Strategy.

The economic problems of Ukraine are very similar to the current situation in other developing markets – in particular, Indonesia and South Africa. This topic was covered by Professor of Stern School of Business, Nouriel Roubini, at the 10th Annual Meeting of the Yalta European Strategy.

According to Ph.D. Roubini, economies at this stage of development experience  common problems: current account deficit, budget deficit, recession and high inflation rates. Another important issue is the parliamentary or presidential elections which these countries will see in 12 to15 months. “My forecasts are negative. As interest rates will be rising all over the world, this fact will have significant impact on the markets. Corrections and defaults are possible”, he stressed.

According to this world-leading economic analyst, downward movements in the prices of raw materials will impact metallurgy and agriculture. While gas prices – in particular, for Turkey, India and Ukraine – will remain high.

The underlying problem,  according to Roubini, is that these countries have not conducted structural reforms to the required extent and depth. “Structural reforms are absent. The states have not reduced the pressure on private companies. And in this global context, which poses serious risks, this is a must”, Nouriel Roubini noted.

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Yalta European Strategy (YES) is the largest social institution of public diplomacy in Eastern Europe, providing an open and equal dialogue on global issues affecting the European Union, Ukraine, Russia and other countries. This non-partisan organisation was established in 2004 by the Ukrainian businessman and public figure Victor Pinchuk.

The YES Annual Meetings held in Yalta’s Livadia Palace have become an open platform to discuss and look for new ideas and views on paths to European, Ukrainian and global development. Every year these meetings bring together over 200 politicians, diplomats, statesmen, journalists, analysts and business leaders from more than 20 countries.  The dialogue on global challenges broadens the vision on the situation inside Ukraine and the prospects for the country’s development in the modern world. It is also an incentive to find common ground between countries, common interests and values.

At the YES Annual Meetings the world's top opinion leaders present their visions of current and future trends which impact all spheres of life of society. In 2010, 2011 and 2012 the events were opened by Presidents Viktor Yanukovych, Bronislaw Komorowski, Shimon Peres and Prime Minister of the Republic of Turkey Recep Tayyip Erdoğan. YES Annual Meetings key speakers have included Mykola Azarov, Kofi Annan, Egemen Bagis, Carl Bildt, Tony Blair, Gordon Brown, Richard Branson, James Wolfensohn, Newt Gingrich, Herman Gref, Arkadiy Dvorkovich,  Robert Zoellick, Bill Clinton, Paul Krugman, Alexei Kudrin, Leonid Kuchma, Yuri Milner, Condoleezza Rice, Lawrence Summers, Radoslaw Sikorski, Javier Solana, Dominique Strauss-Kahn, Shashi Tharoor, Strobe Talbott, Niall Ferguson, Vladimir Filat, Joschka Fischer, Stefan Fule, Gerhard Schroeder, Muhammad Yunus and many others.

Official website: www.yes-ukraine.org

Victor Pinchuk Foundation is an international, private and non-partisan philanthropic foundation based in Ukraine. It was established in 2006 by businessman and public figure Victor Pinchuk. Its goal is to empower future generations to become the change-makers of tomorrow. To achieve this, projects are developed and partnerships are built in Ukraine and worldwide.

in people, to boost human capital;
in society, to promote social responsibility;
in the world, to foster a more integrated world.

The projects of the Victor Pinchuk Foundation include, among others: the network of neonatal centers Cradles of Hope, the largest private scholarship programme in Ukraine, Zavtra.UA, the WorldWideStudies scholarship programme for Ukrainian students studying abroad, the centre for contemporary art PinchukArtCentre with its biannual prizes Future Generation Art Prize and PinchukArtCentre Prize. The foundation also hosts the Davos Philanthropic Roundtable and Davos Ukrainian Lunch organized each year at the occasion of the Annual Meeting of the World Economic Forum and supports the international network YES (Yalta European Strategy) to foster Ukraine’s European and global integration, as well as a startup online platform for fostering philanthropy in Ukraine, the Philanthropic Marketplace. The Foundation is a member of the European Foundation Centre and the Ukrainian Grantmakers Forum. It cooperates with the Clinton Global Initiative, the Brookings Institution, the Peterson Institute for International Economics, the Peres Center for Peace, the Tony Blair Faith Foundation, and other nongovernmental organizations.

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Victor Pinchuk
Victor Pinchuk
Founder, YES, Victor Pinchuk Foundation, EastOne Group, 14th YES Annual Meeting, 2017
«In the closing speech at the end of our conference let’s establish our tradition to say «next year in Yalta.»»