"THE IMPACT OF THE GLOBAL LIQUIDITY CRISIS IN
UKRAINE AND THE ROAD TO ECONOMIC RECOVERY"
Keynote Speech by Dr. Edilberto Segura, Chairman of the Board, The Bleyzer Foundation; Position Paper by The Bleyzer Foundation for the 1st Annual International Forum on the Economic Development of Ukraine Newseum, Washington, D.C., Thursday, October 15, 2009
U.S.-Ukraine Business Council (USUBC), Washington, D.C.
WASHINGTON, D.C. - The 1st Annual International Forum on the Economic Development of Ukraine was held Thursday, October 15, 2009, at the Knight Conference Center, Newseum, in Washington, D.C. The theme of the Forum was "The Impact of the Global Liquidity Crisis on Ukraine and the Road to Economic Recovery." Over 230 people attended the Forum which was the largest event ever held in Washington specifically focused on the development of Ukraine's economy.
OBJECTIVES OF THE FORUM:
The objective of the Forum is to bring together international and Ukrainian experts to present and discuss the financial and economic crisis that hit Ukraine in the fall of 2008 and continues today: what caused it, why did it hit Ukraine's economy and currency so hard, what has been done to deal with the crisis, what needs to be done in the next few months and what needs to be implemented over the next year to rapidly accelerate Ukraine's economic growth and development.
KEYNOTE SPEAKER DR. EDILBERTO SEGURA
One of the three keynote speakers at the Forum was Dr. Edilberto Segura, Partner and Senior Economist, SigmaBleyzer and Chairman of the Board, The Bleyzer Foundation (TBF). Dr. Segura's presentation was entitled, "The Impact of the Global Liquidity Crisis on Ukraine and the Road to Recovery."
Dr. Segura stated during his speech, "The international liquidity crisis, which rapidly unfolded across the globe in the fall of 2008, interrupted the growth cycle of Ukraine and many other emerging markets. Amidst these global economic difficulties, Ukraine suffered one of the deepest economic downturns and sharpest currency depreciations during the most severe phases of the crisis. Although the pace of economic slowdown in Ukraine has recently decelerated, overall economic conditions remain challenging."
Dr. Segura's keynote speech at the Forum included a PowerPoint presentation. To read the PowerPoint presentation used by Dr. Segura, chick on:
THE BLEYZER FOUNDATION POSITION PAPER:
The Bleyzer Foundation (TBF), Kyiv, Ukraine, (www.BleyzerFoundation.com) presented a position paper at the Forum entitled, "The Impact of the Global Liquidity Crisis on Ukraine and the Road to Recovery."
To read a copy of The Bleyzer Foundation Position Paper:
- in English click on: http://usubc.org/reports/TBFPositionPaperForum09En.pdf;
- in Ukrainian click on: http://usubc.org/reports/TBFPositionPaperForum09Ua.pdf.
MAJOR ISSUES COVERED BY THE POSITION PAPER:
The Bleyzer Foundation position paper, " is a brief summary of the key economic challenges facing Ukraine. The disproportionately large impact of the recent international liquidity crisis on Ukraine, compared to other peer economies calls for a through assessment of pre-crisis economic conditions and policies. A good understanding of these issues is necessary to evaluate the effectiveness of adopted anti-crisis measures. More than that, this analysis will help to calibrate current macroeconomic policies in order to achieve a quick and sustainable economic recovery."
The following major issues are covered by the position paper:
- Why did the international liquidity crisis affect Ukraine more than other emerging economies?
- Ukraine’s main vulnerabilities to the financial crisis in 2008.
- Why the local currency depreciated more than the currencies of other countries.
- Why the real sector, including GDP and exports, declined so dramatically.
- What measures taken by the Ukrainian authorities to deal with the crisis were adequate and what measures where inadequate.
- Measures that the country could undertake to avoid deepening the crisis during the Presidential election period and until a new government is in place.
- Measures that the country should undertake in the medium term to accelerate economic development.
Key note speakers at the Forum in Washington were: (1) Hrygoriy Nemyria, Vice Prime Minister of Ukraine, who spoke on Ukraine’s Response to the Current Crisis and Perspectives for 2010; (2) William B. Taylor, Jr., Vice President, Peace and Stability Operations, U.S. States Institute of Peace (USIP), former U.S. Ambassador to Ukraine, speaking on the US Support to Global Economic Recovery and to Ukraine and (3) Dr. Edilberto Segura, Chairman of the Board, The Bleyzer Foundation (TBF) making a presentation on The Impact of the Global Liquidity Crisis on Ukraine and the Road to Recovery.
Other speakers, panelists and moderators included: (4) Ariel Cohen, Senior Research Fellow, The Kathryn and Shelby Cullom David Institute for International Studies, The Heritage Foundation; (5) Ihor A. Shumylo, Executive Director, Economic Issues, Member of the Management Board, National Bank of Ukraine; (6) Chris Wilson, Assistant U.S. Trade Representative for Europe and the Middle East, U.S. Office of the Special Trade Representative; (7) Michael Bleyzer, Managing Partner, President & CEO, SigmaBleyzer; (8) Bohdan Danylyshyn, Minister of Economy of Ukraine; (9) William Miller, Senior Policy Scholar, Woodrow Wilson International Center for Scholars; (10) Former U.S. Ambassador to Ukraine; Ambassador John E. Herbst, Coordinator for Reconstruction & Stabilization, U.S. Dept of State, Former U.S. Amb to Ukraine and (10) Chrystia Freeland, U.S. Managing Editor, Financial Times.
Additional program participants in Washington included: (11) George Logush, Vice President Kraft Foods, Area Director: Ukraine, Eastern Europe, Central Asia; (11) Jorge Zukoski, President, American Chamber of Commerce in Ukraine (“Chamber”); (12) Jock Mendoza-Wilson, Director of International & Investor Relations, Systems Capital Management (SCM); (13) Dr. Irina Paliashvili, President and Senior Counsel, RULG-Ukrainian Legal Group: (14) Olexandra Kuzhel, Head of the Ukrainian State Committee for Regulatory Policy and Entrepreneurship and (15) Morgan Williams, Director, Government Affairs, SigmaBleyzer, Washington; President, U.S.-Ukraine Business Council (USUBC).
Participating by live TV link from Kyiv included: (1) Martin Raiser, Country Director, The World Bank; (2)Ceyla Pazarbasioglu, Assistant Director of the European Department and Head of the IMF Mission to Ukraine, International Monetary Fund (IMF); (3) Andre Kuusvek, Country Director, European Bank for Reconstruction and Development (EBRD); (4) José Manuel Pinto Teixeira, Ambassador, Head of the EC Delegation to Ukraine; (5) Valery Heyets, Head of the Institute for Economics and Forecasting, Ukrainian National Academy of Sciences; (6) Oleg Ustenko, Executive Director, The Bleyzer Foundation (TBF) and (7) Andriy Kravets, Deputy Minister, Ministry of Finance.