News for the media conference Economic Survey 2015

The two most important factors in the global economy: the dollar, the euro and the price of oil passed through a major adjustment and created a fundamental, economic, financial and monetary developments in the world economy. The global economy is experiencing a strong and complex transformation, where exist many conflicting factors.

The drop of oil prices and improvement of the dollar reflected the high dependence of emerging markets from the oil price quotations. Which in turn underlines the relevance of structural changes in the economy of oil-exporting countries and leads to the exchange rate adjustment

Thus, the notion that emerging markets will lead the world subjected to rethink, because the qualitative growth in the economy observed in developed countries.

However, in order to achieve growth and stability of the world economy is essential to achieving financial stability. Under these conditions, the main question becomes quantitative easing program and the scope of this process. With the completion of this program in the US began its replication in Europe and Japan. Euro-dollar ratio changed from 1: 1.4 to 1: 1.1 and probably become equal, and in the long term value of the dollar can rise above the euro exchange rate. So, we are seeing new realities with stronger dollar in the medium term.

International Monetary Fund downgraded the outlook for Russia's GDP growth from minus 3.0% to minus 3.8%, which has an impact on the economy of neighboring countries and Central Asia.

In addition, China as the center of global growth, experiencing new economic realities. The new "norm" of China's growth - 6-7% indicates the transition to a more qualitative parameters of growth and transition to new economic principles. China proposes new forms of cooperation and new approaches of interaction through dialogue and taking into account the views of countries interests.

In general, the Chinese economy can be characterized by four main features: a change in growth, increase domestic demand and services, improving the structure and development of new impulses for the implementation of this growth strategy requires a comprehensive deepening reform and management of the state on a legal basis.

With the advent of the "new norm" in the Chinese economy, increases the level of economic cooperation between China and foreign countries, which means that China's economy is becoming more open. China is stepping up cooperation with new markets. The strategy of economic development along the Silk Way has become an important factor in the growth in the macro-region. The foundations of the Silk Way and the Asian Bank of infrastructure investments were created, which may allow for a decade to bring the annual trade between China and the Silk Way countries to 2.5 trillion US dollars.

In an unpredictable world economy, if China can convert "new norm" in qualitative and stable growth and rising standards of living in the country became first question.

These fundamental changes in the global economy will be widely discussed at the upcoming 2015 Astana Economic Forum, which will take place on 21-22 May 2015. In Astana, namely at the high-level Conference on "Economic, Financial, monetary changes in the global economy”.

The Conference will be held on May 21, 2015 at the Palace of Independence, with the support of the Government of the Republic of Kazakhstan and the Economic Research Institute under the Ministry of National Economy of Kazakhstan, as well as in cooperation with the National Bank of Kazakhstan, the International Monetary Fund and the Committee on Reinventing Bretton Woods. In the discussion of the above issues will be attended by current and former heads of state and government, authoritative experts, heads of international organizations and research centers, as well as chairmen of the central banks and finance ministers.

Key speakers of the conference:

Sergey Glazyev, Advisor to the President of the Russian Federation

Jacob Frenkel, Chairman of «JP Morgan Chase International»

Justin lin, Professor and honorable Dean of the National School of Development at Beijing University, the former chief economist and senior vice-president of the World Bank

Shaukat Aziz, Prime Minister (2004-2007) and Finance Minister (1999-2007) of Pakistan

Romano Prodi, Prime Minister of Italy (1996-1998, 2006-2008)

Nouriel Roubini, Professor at the Stern School of Business, New York University, Chairman of Roubini Global Economics

Aleksey Kudrin, Chief Researcher, Institute of Economic Policy, Finance Minister (2000-2011) of the Russian Federation

Domingo Cavallo, The author of "Argentine miracle", the former Minister of Economy and Chairman of the Central Bank of Argentina

Erik Berglöf, Director of the Institute for Global Affairs at the London School of Economics and former Chief Economist of the EBRD

The detailed program and registration for the conference are available on the official website of Astana Economic Forum - www.forum-astana.org.

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