Global Economy: New Challenges and Shifting Horizons
Pavilion 4, Conference Hall 4.1

Several major economies continue to pursue an increasingly less coordinated monetary policy. How will this affect the investment climate and the overall stability of the global financial system? What impact might this have on the main emerging markets in particular? What is the medium-term outlook for the global economic growth?

Yaroslav Lissovolik , Chief Economist, Member of the Management Board, Eurasian Development Bank (EDB)

Anatole Kaletsky , Commentator on Economics, The Times; Founder and Co-chairman, GaveKal Dragonomics; Chairman, Institute for New Economic Thinking
David Daokui Li , Director, Center for China in the World Economy (CCWE), School of Economics and Management, Tsinghua University
Neil MacKinnon , Global Macro Strategist, VTB Capital
Vladimir Mau , Rector, Russian Presidential Academy of National Economy and Public Administration (RANEPA)
Alexander Nekipelov , Director, Moscow School of Economics of the Lomonosov Moscow State University; Chairman of the Board of Directors, Rosneft
Maxim Oreshkin , Minister of Economic Development of the Russian Federation
Kenneth Rogoff , Professor of Economics and Public Policy, Harvard University
Ekaterina Trofimova , Chief Executive Officer, Analytical Credit Rating Agency (ACRA)
Jacob Frenkel , Chairman, J.P. Morgan Chase International
Ksenia Yudaeva , First Deputy Governor, Central Bank of the Russian Federation


Key moments

With commodity prices now at a much lower level, we have two ways of reacting: either fully adjust to the new external environment and find a new centre of equilibrium for further growth, or continue spending reserves to cover the deficit in the balance of payments.
Maxim Oreshkin
We may grow much faster in the future, we may grow much slower in the future. But what we are feeling now is a bad debt overhang problem.
Kenneth Rogoff
Stimulating domestic migration could be a key instrument in overcoming economic stagnation.
Vladimir Mau
If China can transform part of corporate debt into government debt in the next two years, there is hope that it will go back to a higher rate of growth.
David Daokui Li
What we discovered in the latest crisis is that both the market and the government can be wrong. [..]We need a new system of checks and balances between government and market forces.
Anatole Kaletsky