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Saturday, January 20, 2018

Nazarbayev: Ukrainian GDP to fall six percent during conflict

President of Kazakhstan Nursultan Nazarbayev warned on Wednesday that Urkaine's GDP will decline this year as a result of ongoing conflicts.

Ukraine's GDP decline by year's end will reach at least six percent, Nazarbayev said, while inflation is expected grow to 20 percent with major depreciation of the national currency.

"We cannot but worry about this and we cannot but take this into account," Nazarbayev said. "We have economic and human ties with the Ukrainian people, trade contracts. Kazakh people are seriously concerned over the Ukrainian developments, feel compassion for ordinary people in their tragedies. From the bottom of our hearts we urge all the conflict sides to sit down at the negotiating table and find solutions for ending the bloodshed in a trust-based, candid dialogue."

Anti-crisis plans were developed to deal with such an event, according to Kazakh Minister of Economy and Budget Planning Erbolat Dosayev.

"Taking into account the growing world economy risks, the ministry today is engaged in system-based monitoring of the dynamics of the internal and external economic indicators and their effects on the economy," Dosayev said. "Anti-crisis plans, depending on different economy scenarios, have been worked out in co-operation with state agencies. In addition, a separate plan of measures has been worked out at your [President Nazarbayev's] instructions in case more sanctions are imposed on Russia and the situation around Ukraine aggravates further. The plan will be updated in September 2014."