Economist Abel Aganbegyan delivers lecture on social and economic situation in Russia and development prospects at Tatarstan Government House

On December 4 a famous Russian economist Abel Aganbegyan delivered a lecture on social and economic situation in Russia and development prospects at Tatarstan Government House. Tatarstan Prime Minister Ildar Khalikov took part in the event.

Economist and academician Abel Aganbegyan is an acknowledged expert in the sphere of theoretical and applied economics, one of authors of the concept of economic reformation of the society, the author of books and articles about market reforms.

Abel Aganbegyan started his lecture from describing the global economic crisis of 2008 and the impact it had on Russia. He reminded that of 20 leading countries most badly the crisis affected Russia. Russia’s GDP decreased. There was also a fall in foreign economic turnover by 40 per cent, and investments by 17 per cent. Federal budget income decreased from 9.3 to 5.4 bln rubles.

According to Abel Aganbegyan, the crisis was plagued by certain factors, one of which is a high inflation rate. Moreover, industrial enterprises took foreign investment loans for development and modernization.

Abel Aganbegyan mentioned that lately there was a sharp decrease in inflow of investments in the country, and capital outflow followed by decrease in expert proceeds.

Abel Aganbegyan believes that the reason of capital outflow is debts of corporate economic sector and the old material and technical base of national economy.

The academician dwelled on prospects of educational, health care, and social spheres.