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On May 6, ISET hosted Shang-Jin Wei, Chief Economist at the Asian Development Bank. He gave a presentation entitled 'Asian Development Outlook 2016 – Asia’s Potential Growth'.
According to the key messages of the presentation, development growth in Asia softens to 5.7% in 2016 and 2017 from last year. Furthermore, while CPI (Consumer Price Index) inflation subdued, many economies face harmful PPI (Producer Price Index) deflation. In addition, reforms to raise labor productivity can invigorate developing Asia’s potential growth.
Given the data of the outlook, Asia still accounts for 60% of global growth in PPP (Purchasing Power Parity) terms, or 40% in market exchange rate terms. Moreover, slow recovery in global commodity prices will keep CPI (Consumer Price Index) at a low level in Asia.
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On 25 May, 2016 ISET faculty member and head of the Macroeconomic Policy Research Center at ISET's Policy Institute, Dr. Yaroslava Babych, was an invited panel speaker at the conference on Industrial Policy for the Development of Georgia, organized by the Centre for Social Studies of Georgia.
The first half of the conference was devoted to presentations and panel discussions on Georgia’s recent key economic trends, where Dr. Babych presented Georgia’s Trends in Economic Growth based on research conducted by ISET-PI. The main message of the presentation was that the Georgian economy showed remarkable resilience to the outside shocks of 2015. However, the more challenging and long-term issue is the deficiencies in education, which continue to lead to a high rate of self-employment in low-skilled agricultural subsistence farming.
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