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BSEF 2013 macroeconomy Oleg Ustenko
1. New economic realities: a quest for
sustainable sources of economic
development of the Black Sea region
Oleg Ustenko
Executive Director, The Bleyzer Foundation
TURNING TRANSITION INTO PROSPERITY
October 24-25, 2013, Crimea
І V INTERNATIONAL BLACK SEA ECONOMIC FOR
2. a quest for sustainable development…
• Export-led recovery remains unimpressive on Eurozone
weaknesses and a slower growth in Russia.
• Tighter access to external borrowing limits the growth of
investment and consumer spending, especially in smaller
countries.
• Consumer led recovery looks particularly shaky in Ukraine on
concerns of weak public finances, slowing exports and surging
external funding needs.
• Credit growth to private sector is sluggish, especially in Ukraine,
Romania and Bulgaria.
• A shift toward investment-based growth is not happening on
poor investment climate, especially in Russia and Ukraine.
• Higher private domestic and foreign investments are essential
to unlock potential sources of economic growth in energy,
infrastructure, transportation and agriculture.
TURNING TRANSITION INTO PROSPERITY
4. Per capita GDP
based on PPP, thousand current international dollars
Source: IMF
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5. Sources of Economic Growth
contributions to GDP growth, percentage points
UKRAINE
Source: State Statistics Committee of Ukraine
TURNING TRANSITION INTO PROSPERITY
6. Sources of Economic Growth
contributions to GDP growth, percentage points
RUSSIA
Source: World Bank
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7. Sources of Economic Growth
contributions to GDP growth, percentage points
TURKEY
Source: World Bank, OECD
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8. Sources of Economic Growth
contributions to GDP growth, percentage points
BULGARIA
Source: World Bank, OECD
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9. Sources of Economic Growth
contributions to GDP growth, percentage points
ROMANIA
Source: World Bank, OECD
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10. Sources of Economic Growth
contributions to GDP growth, percentage points
GEORGIA
Source: World Bank, Asian Development Bank, TBF
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11. The End of The Credit Boom
credit to private sector, % annual change
Source: IMF, World Bank
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17. Investment Climate
Ease of doing
business rank
Index of
Economic
Freedom
Global
Competitiveness
Index
Government
effectiveness,
percentile rank
(higher number better
performance)
Corruption
Perception Index
Source: World Bank, WEF, Transparency International, The Heritage Foundation
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