Economic Monitor Armenia – Issue 04 | January 2021

Overview

  • GDP to decline by 7.3% in 2020; twin shocks: COVID-19 and military confrontation
  • Slow recovery expected; GDP to grow by 1.0% in 2021 and 3.5% in 2022
  • Consumption to pick up again in 2021, investment likely to remain subdued
  • Budget deficit estimate: 7.0% of GDP in 2020; public debt to rise to 69% of GDP in 2021
  • Current account deficit estimated at 6.0% in 2020; lower than 2019
  • Strong decline in exports (esp. tourism) counteracted by even larger import contraction
  • At the same time: FDI declined by almost half in 2020, expected to recover only slowly
  • Augmentation of IMF stand-by arrangement and disbursement of approx. USD 232 m key for financing the budget deficit in 2020
  • Rather stable exchange rate in 1H-2020, depreciation of Dram amid high uncertainty in Q3
  • After multiple reductions in 2020, hike in policy rate in Dec-20 due to increased inflation
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18. Information meeting on government advice

On January 21st, the German Economic Team (GET) presented the economic monitors for Belarus, Moldova and Ukraine. The online-event, organised by the Federal Ministry for Economic Affairs and Energy, was attended by a number of officials from the Economics Ministry, the Federal Foreign Office, other federal ministries, as well as development cooperation- and trade organisations, such as the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), Germany Trade and Invest (gtai), the Chamber of Foreign Trade in Belarus and the German Eastern Business Association. In total, the event had 90 participants.

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Policy Study 01/2020

Monetary policy reaction to COVID-19 in CEE economies

Lessons from the use of conventional and unconventional instruments

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Policy Briefing 04/2020

Monetary policy reaction to COVID-19 in CEE economies

Lessons from the use of conventional and unconventional instruments: Summary of results

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Minsk-Forum: Opportunities and Challenges of the Belarussian Economy

On 3 December 2020 the German Eastern Business Association (OA) held a panel discussion on the state of the Belarussian economy as part of the Minsk Forum XVIII. The participants were Manfred Huterer, German Ambassador to Belarus, Alexandr Tschubrik, director of the IPM Research Center, Kateryna Bornukova, economist at the Belarussian Research and Outreach Center, Jaugenij Labanau, Director of the Center for Environmental Solutions, Jeroen Williams, Deputy Head of the EEA Unit at DG Near of the EU Commission, as well as Robert Kirchner, Deputy Team Leader of the German Economic Team.

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Advanced training webinar for Ukrainian officials

On October 18th, 2020, the German Economic Team took part in an advanced training seminar for high-level Ukrainian officials from the Ministries of Infrastructure, Economic Development and Digital Transformation organised by GIZ and the Federal Ministry for Economic Affairs and Energy. The event, which was carried out in the form of a webinar, was moderated by Dr. Erik Malchow, an expert in intercultural communications, on behalf of GIZ.

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Online Briefing: Economic cooperation between the EU and associated countries

On November 23rd, LibMOD conducted an online briefing on the policy paper “Economic cooperation between the EU and associated countries”. Renowned experts on Eastern Europe commented on the paper written by Dr. Julia Langbein, who investigated the economic relationship between the EaP-countries and the European Union, particularly with hindsight to DCFTAs.

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20th Ukrainian Breakfast Debate: Economic Consequences for Foreign Investment and Local Businesses

As part of IEPBreakfast Debate Series, the Institut für Europäische Politik Berlin (IEP) and the European Investment Bank (EIB) in Kyiv organised an online event on the consequences of COVID-19 for the Ukrainian economy. In total, 26 participants attended the online session. After the introductory remarks by Dr. Katrin Böttger, Director at IEP Berlin, Ljudmyla Melnyk, IEP Research Associate, handed over to the speakers.

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Online discussion on banking sector Ukraine

Together with the Centre for Economic Strategy and the Institute for Economic Research and Policy Consulting, the German Economic Team organised a webinar on the Ukrainian banking sector, moderated by Maria Repko, Deputy Director of the Centre for Economic Strategy. After an introduction by Robert Kirchner, Deputy Team Leader of the German Economic Team and the keynot speech by Kataryna Rozhkova, First Vice-Governor of the National Bank of Ukraine, Vitaliy Kravchuk, Senior Research Fellow of the Institute for Economic Research and Policy Consulting and Garry Polushkin, Project Manager Ukraine, presented the current Banking Sector Monitor, which focuses on the current situation, the economic impact of the COVID-19 pandemic and new regulatory frameworks.

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Video conference with BaFin and the NBG about fintech


The National Bank of Georgia (NBG) is currently very interested in the topic of fintech. In order to give the responsible employees the opportunity to discuss regulatory experiences in Germany on the topics of open banking and regulatory sandbox, the German Economic Team has therefore organized a video conference with BaFin (Germany’s Federal Financial Supervisory Authority). On the side of BaFin, two experts in the fields of financial technology innovation topics and regulatory requirements for IT security in payment transactions (especially PSD2) took part.

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Policy Briefing 03/2020

Reviewing the Impact of the COVID-19 Pandemic on Foreign Direct Investment (FDI) and the Initial Responses of Investment Promotion Agencies (IPAs)

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Presentation of economic outlook to German companies in Ukraine

The German-Ukrainian Chamber of Industry and Commerce invited to the digital presentation of the economic outlook for Ukraine. The current macroeconomic situation, the economic impact of the COVID-19 pandemic and the support by international financial institutions were discussed by Peter Ziegler, Head of the Economic Department of the German Embassy in Kyiv, Robert Kirchner, Deputy Team Leader of the German Economic Team and Garry Poluschkin, Project Manager for Ukraine of the German Economic Team.

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Economic Monitor Armenia – Issue 03 | August 2020 (update)

Overview: economic situation in 2020

  • GDP to drop by 1.5%; pre-COVID forecast: 5.5%
  • Strong reduction of private consumption and investment counteracted by gov spending
  • Budget deficit will amount to 5.0% of GDP, compared with pre-COVID plan of 2.3%
  • Current account deficit at 8.6% of GDP, only slightly higher than pre-COVID 8.4%
  • Strong decline in exports and remittances counterbalanced by large import contraction
  • But: lower FDI and reversal of private capital inflows create problems for financing the current account deficit
  • Augmentation of IMF stand by arrangement and immediate disbursement of USD 280 m key for financing both the budget and the current account deficit
  • Rather stable exchange rate, after temporary depreciation by 5% in March 2020
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Presentation of the 3rd issue of the Economic Monitor Armenia

On August 4th, Dr. Ricardo Giucci, Team Leader, and Nikolas Schmidt, Project Manager of the German Economic Team Armenia, presented the third Economic Monitor in a video conference. The event was organised in cooperation with the German Business Association (DWV) in Armenia. Numerous German and European businesspeople, representatives from the EU Delegation and from the European Business Association (EBA) took part in the event.

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Online-Discussion “Ukraine and the Sea of Azov”

David Saha, Consultant of the German Economic Team, spoke about the economic importance of the Sea of Azov for Ukraine on Friday, July 17 in the online-discussion “Ukraine and the Sea of Azov: Economic bottleneck, security hot spot, ecological problem area and object of dispute under international law”, hosted by the Representation of the Friedrich Ebert Foundation in Ukraine and the NGO “Donbas Gates” (Ukraine).

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17. Information meeting on high-level government advice

The biannual information meeting on high-level government advice in Ukraine, Belarus, Moldova, Georgia, Uzbekistan and Armenia was held – divided into two blocks – on 18 and 24 June, with the Federal Ministry for Economic Affairs and Energy (BMWi). The event was opened by Andreas Nicolin, Deputy Head of Department and moderated by Yildiz Götze, Head of Division.

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Measures of the German Federal Government to support business during the Corona crisis

Webinar on May 15th

On May 15th, Dr. Ricardo Giucci, Team Leader and Robert Kirchner, Deputy Team Leader of the German Economic Team (GET) participated in the online event on “Measures of the German Federal Government to support business during the Corona crisis”. The webinar was organised by the Centre for Economic Strategy (CES). In his study, which was prepared together with Woldemar Walter, Consultant in the German Economic Team, Dr. Giucci and Mr. Kirchner presented the German measures to support companies and freelancers and underlined that such a policy would enable a quick recovery of the economy. Hlib Vyshlinsky, Executive Director of CES, presented the Ukrainian measures.

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Webinar on “Economic impact of the Covid-19 pandemic on Ukraine”

On May 13, Robert Kirchner, Deputy Team Leader, David Saha, Consultant and Garry Poluschkin, Project Manager for Ukraine in the German Economic Team (GET), together with Veronika Movchan and Vitaliy Kravchuk from the Institute for Economic Research and Policy Consulting (IER) presented their jointly prepared study at an online event on the topic “Economic Impact of the Covid-19 pandemic on Ukraine”. The event was organized and moderated by the Kyiv School of Economics.

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“Economic impact of the Corona pandemic for Ukraine“ – Participation in live conversation by LibMod

On April 1, David Saha, consultant in the German Economic Team (GET), gave a presentation at online event on the topic “Economic impact of the Corona pandemic for Ukraine”. The event was organized by the think tank “LibMod – Zentrum für Liberale Moderne” and moderated by Mattia Nelles, initiator of “Understanding Ukraine”. The other speakers were Tymofiy Mylovanov, former Ukrainian Minister for Economic Development, Trade and Agriculture and Valerij Pekar, entrepreneur and co-founder of the civil platform The New Country.

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Workshop on energy market regulation 26.03-28.03.

The German Economic Team (GET) and the Ukrainian NGO DiXi jointly conducted a three-day workshop on EU energy market regulation policy. Although the workshop could not take place in Kyiv as planned due to travel restrictions, all participants were invited via video conference. Energy experts and lecturers from the European University Institute of Florence, School of Regulation gave presentations.

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Macroeconomic consequences of the Corona crisis – Joint meeting of OAOEV Working Groups Ukraine, Belarus and South Caucasus

On the occasion of the joint video conference of OAOEV Working Groups Ukraine, Belarus and South Caucasus on March 26, 2020, Ricardo Giucci presented an overview of the macroeconomic consequences of the corona crisis for the region.

A massive decline in GDP and devaluations of the local currencies are expected, which will also have a negative impact on German exports, said Giucci. External financial support, e.g. from the IMF is required. He warned that the countries do not have the administrative and institutional prerequisites for possible instruments such as loans and grants to companies.

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Interview with David Saha on economic consequences of the Corona crisis in Ukraine

Interview by Deutsche Welle, published on 18.03.2020 on dw.com/uk

Ukraine loses access to international capital markets as a result of the Corona crisis

The Covid 19 pandemic has cut off Ukraine from the capital markets, says David Saha, an expert from the German Economic Team, in a conversation with DW. He advises to meet the IMF’s demands, which are painful for the oligarch Igor Kolomoisky. The German Economic Team in Berlin has been advising the Ukrainian government on economic reforms and macroeconomic stability for many years. In an interview with DW, expert David Saha shared his view on the risks for the Ukrainian economy due to the Covid 19 pandemic.

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Business Stammtisch of the German Embassy on 04.02.

David Saha, Consultant at the German Economic Team (GET), presented the current economic outlook for Ukraine at the Business Stammtisch of the German Embassy on 4th of February. The main topic of the event was on the macroeconomic situation, the strong appreciation of the hryvnia in 2019 and the remaining challenges, such as the completion of the IMF programme. The event was moderated by Andreas Otto, First Secretary in the Economic Department of the German Embassy.

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Economic Monitor Armenia – Issue 02 | January 2020

Overview

  • Economic growth at ca. 7.0% in 2019, significantly higher than expected
  • Main driver was private consumption, on the back of robust retail lending
  • Investment activity declined in 2019, with negative implications on mid term growth
  • GDP is forecast to grow by 4.9% in 2020
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16th Information meeting on high-level government consultation

The German Economic Team (GET) presented the current economic outlook to interested representatives of ministries and institutions on January 24th in the premises of the Federal Ministry of Economics and Energy (BMWi) and spoke about current developments in the partner countries Belarus, Georgia, Moldova, Ukraine, Uzbekistan and about the activities of the German Economic Team in Armenia.

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Proposals from German business in Ukraine – update of study presented in Kyiv

At a round table in Kiev on 12 December Robert Kirchner, Deputy Team Leader of the German Advisory Group Ukraine, and David Saha, Consultant, presented the updated study on “Unlocking investment through reforms: Proposals from German business in Ukraine”. The event was part of a round table organized in cooperation with the German-Ukrainian Chamber of Industry and Commerce (AHK). Yulia Svyrydenko, Vice Minister in the Ukrainian Ministry of Economics, who among others participated in the event, was very interested in the results of the study.

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Participation in the 17th Minsk Forum „The Place of Belarus in Europe“

From the 4th to 6th December 2019 the 17th Minsk Forum, dedicated to the theme “The Place of Belarus in Europe. Chances for Foreign Policy, Economy, Civil Society and Culture”, was held in Minsk. The forum was organasied by the German-Belarusian Society e.V. (dbg).

Numerous high-ranking government representatives from Belarus and abroad took part in the event. Among the guests were Michael Siebert, German Federal Foreign Office Representative for Eastern Europe, Caucasus and Central Asia, Dirk Wiese, German Federal Government Coordinator for Inter-Societal Cooperation with Russia, Central Asia and the Eastern Partnership Countries, Oleg Kravchenko, Belarusian Deputy Foreign Minister, Manfred Huterer, German Ambassador, and Dirk Schübel, Head of the EU Delegation.

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GET Georgia presents the second issue of the Financial Sector Monitor Georgia

During a trip to Tbilisi, Dr Alexander Lehmann, financial sector expert of the German Economic Team (GET) Georgia, presented the second issue of the Financial Sector Monitor.

This product is consistently done in several countries in the region and reveals that the Georgian financial sector is a major asset in the investment environment. The publication analyses the sector in a regional context. It sketches the sector’s potential to further support growth and innovation in Georgia and to provide wider access to credit for households and enterprises. It also highlights the strengths and weaknesses of the banking sector for Georgia’s future development.

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Regulation of cryptocurrencies and economic relevance of crypto mining – Presentation at the American University of Armenia

On December 2, upon the invitation of Berlin Economics, Jens Münzer from the Federal Financial Supervisory Authority (BaFin) gave a talk on the regulation of cryptocurrencies at the American University of Armenia, exemplified by German legislation. The Armenian government wants to boost the IT sector and has opened a free economic zone with a centre for crypto mining. There are initiatives in Armenia to regulate cryptocurrencies only lightly, which would entail significant risks for the banking sector and the country’s reputation. Against this background, regulation of cryptocurrencies is of particular significance in Armenia.

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Regulation of cryptocurrencies – Seminar at the Central Bank of Armenia

Despite the increased global interest in cryptocurrencies, there exists no international consensus on how to regulate them. Berlin Economics invited Jens Münzer from the Federal Financial Supervisory Authority (BaFin) to give a presentation on the topic of regulation of cryptocurrencies, exemplified by German legislation. On December 2, the seminar was held in the Central Bank of Armenia with ca. 35 attendees from the CBA. Many interposed questions and a vivid discussion clearly demonstrated keen interest and current relevance of the topic.

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Kyiv: Study presented on labour migration from Ukraine since 2014

On November 13, 2019, a round table on “Labor Migration from Ukraine” took place in Kyiv at the Kyiv School of Economics, jointly organized by Yuliia Mincheva, VoxConnector Editor of Vox Ukraine and the German Advisory Group. In an informal setting, around 20 representatives from think tanks, government agencies and the media met to discuss the issue of labour miration.

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New study presented: Improving the business climate and boosting investment

On 7th November 2019 the German Economic Team (GET) Moldova and European Business Association Moldova (EBA) presented their joint study “Improving the Business Climate – Boosting Investment: Proposals from European business in Moldova” at a common event. Content of the study: 21 reform proposals to improve the business climate and increase investment. In the audience: high-ranking representatives of the Government of Moldova, representatives of international organisations, European business executives, economic experts and media representatives.

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Study on improving the business climate presented in Belarus

On September 26, Robert Kirchner, Deputy Team Leader of the German Economic Team Belarus presented a new study on improving the business climate in Belarus at the event “10th Day of the German Economy” in Minsk. The event was attended by around 200 national and international participants, including high-ranking representatives of the Belarusian Government and a delegation of German business representatives led by Secretary of State Dr. Ulrich Nussbaum from the Federal Ministry for Economic Affairs and Energy.

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Economic Monitor Armenia – Issue 01 | October 2019

Overview

  • Economic growth in Q1 19 (7.2%) and Q2 19 (6.5%) significantly higher than expected
  • Budget surplus in 7M2019 due to high revenues & under execution of capital expenditures
  • Inflation forecast for 2019 at 2.1%; low inflation key ingredient of macroeconomic stability
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Presentation of the 1st issue of the Economic Monitor Armenia in Yerevan

On September 26, Dr. Ricardo Giucci, Managing Director of Berlin Economics, presented the first Economic Monitor on Armenia in Yerevan. Afterwards, Björn Vogler, consultant at Berlin Economics, presented the results of a new study on foreign direct investment (FDI) in Armenia. Mr. Giucci and Mr. Vogler were accompanied by Boris Schneider, project manager for Armenia. The event was organised in cooperation with the German Embassy and the German Business Association (DWV) in Armenia. Numerous German businesspeople from Armenia as well as government officials and EU representatives took part in the event.

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Presentation of study on the economic impact of the DCFTA on Georgia, Moldova and the Ukraine as well as study on export potential of Georgian animal products

During a trip to Tbilisi, Dr Alexander Lehmann, financial sector expert of the German Economic Team (GET) Georgia, presented the second issue of the Financial Sector Monitor.

This product is consistently done in several countries in the region and reveals that the Georgian financial sector is a major asset in the investment environment. The publication analyses the sector in a regional context. It sketches the sector’s potential to further support growth and innovation in Georgia and to provide wider access to credit for households and enterprises. It also highlights the strengths and weaknesses of the banking sector for Georgia’s future development.

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Presentation of DCFTA-Study in Chisinau

On the 4th of July Dr. Ricardo Giucci, Managing Director of Berlin Economics, in the framework of the “International Conference on EU – Republic of Moldova DCFTA Implementation – 5 years of regional perspectives and steps forward” presented a Berlin Economics study on the economic impact of the deep and comprehensive free trade areas (DCFTA) on Ukraine, Moldova and Georgia to high-level representatives of the EU Delegation and the Moldovan Government.

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Press release 09.07.2019

Free trade agreements (DCFTA) with the European Union show positive effects on Ukraine, Moldova and Georgia – major differences between countries

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Presentation of study on the comparative effect of the DCFTA on Ukraine, Moldova and Georgia

On the 8th of July 2019, Dr. Ricardo Giucci, Managing Director of Berlin Economics, during an event at the Federal Ministry for Economic Affairs and Energy (BMWi), carried out a study by Berlin Economics on the economic effects of the deep and comprehensive free trade agreements (“DCFTA”) on Ukraine, Moldova and Georgia. He was accompanied by Woldemar Walter, Coordinator of the German Economic Team Moldova.

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Policy Study 01/2019

Identifying promising target groups and key arguments for investment attraction measures of the Republic of Armenia

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Press release: Ukraine returns to growth path

Ukraine returns to growth after the severe economic crisis of 2014/15. To sustainably increase economic growth, reforms and investments are urgently needed. This is the conclusion of a study by the German Advisory Group Ukraine in cooperation with the German-Ukrainian Chamber of Commerce and Industry (“AHK Ukraine”) released in September 2018.

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Conference MACRO 2018: “Moldova in 2018: making investments work for people and public good”

On October 19th, Woldemar Walter, Advisor to the German Economic Team Moldova, gave a lecture in the context of the conference ‘MACRO 2018’ on the influence of foreign direct investment (FDI) on the Moldovan economy, population and government.

As Woldemar Walter conclusively explained in his presentation, in Moldova, foreign direct investment, which is relatively low by international standards, has a major impact on the economy, the people and the government. For example, companies with foreign capital account for about 23% of total Moldovan value added and a high and growing share of exports.

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Industry 4.0

On August 29, the German Advisory Group and the Reforms Delivery Office, an advisory body to the Cabinet of Ministers, hosted a joint seminar on the topic: ” Industry 4.0 – Overview and Policy Implications”.

Dr. Philip Steden introduced the specialized audience to the basic features and components of Industry 4.0 – the so called forth industrial revolution – and illustrated possible fields of application and advantages of Industry 4.0 technologies with examples from Germany.

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Economic Relevance of Crypto Mining in Georgia

On June 11, the team leader of the German Economic Team Georgia, Dr Ricardo Giucci, presented the Economic Monitor Georgia at the Deutsche Wirtschaftsvereinigung (DWV) in Tbilisi.

The event focussed on the presentation of the results of an analysis conducted by GET Georgia on the economic relevance of cryptocurrencies for the Georgian economy.

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Report on the economic policy dialogue in Belarus

Twice a year, Berlin Economics hosts an event to report about current economic policy topics in the advisory work in Belarus.

The event took place on July 4th in the Federal Ministry for Economic Affairs and Energy. Using this format we aim to provide an opportunity for representatives of German institutions to get background information about current economic developments.

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Reporting on current topics of GET Moldova’s advisory work

Twice a year, we organise an event to inform about the German Economic Team Moldova’s advisory work. 

The event took place on July 4th in the Federal Ministry for Economic Affairs and Energy. Using this format we aim to provide an opportunity for representatives of German institutions to get background information about current economic developments.

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Report on current topics in GET Georgia’s advisory work

Twice a year, we offer an opportunity to get information about topics of our advisory work and economic trends.

The event took place on July 4th in the Federal Ministry for Economic Affairs and Energy. Using this format we aim to provide an opportunity for representatives of German institutions to get background information about current economic developments.

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Reporting on the German Advisory Group’s work

The German Advisory Group Ukraine hosts a biannual event to report about current economic policy topics in our advisory work.

The event took place on July 4th in the Federal Ministry for Economic Affairs and Energy. Using this format we aim to provide an opportunity for representatives of German institutions to get background information about current economic developments.

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Regulation of Cryptocurrencies – Seminar in the National Bank of Georgia

Georgia is one of the largest producers of cryptocurrencies („miners“) worldwide, with a potential influence on the Georgian economy.

Despite the increased global interest in cryptocurrencies, there exists no  international regulation of any kind. This is true for the European Union as well, where EU-members adopt their own national laws regarding cryptocurrency regulation, even though cryptocurrencies can potentially be used for money laundering, due to their decentralized organization.

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Workshop on central bank communication

Workshop held by Centre for Economic Strategy and German Advisory Group on Central Bank Communication

On April 18 the Centre for Economic Strategy and experts from the German Advisory Group conducted a workshop on central bank communication as a tool for shaping market participants‘ expectations. The event was opened by Ms. Yildiz Götze, head of the department at the Federal Ministry for Economic Affairs and Energy, who acknowledged the significant progress of the recent years‘ reforms in the Ukrainian financial sector.

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Conference on Financing opportunities in Ukraine

On March 20, 2018 the conference “Financing opportunities in Ukraine – Quo Vadis?” took place in Berlin. The event was organised by the German-Ukrainian Forum in cooperation with the German Advisory Group Ukraine, the Deutsche Gesellschaft für Internationale Zusammenarbeit, the German-Ukrainian Chamber of Commerce and the Embassy of Ukraine in Germany.

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GET Georgien stellt die siebte Ausgabe des Economic Monitor vor

Dr. Ricardo Giucci, Teamleiter des German Economic Team (GET) Georgia, und Dr. Alexander Lehmann, Finanzsektorexperte des Teams, stellten am 31. Januar in einer von der Deutschen Wirtschaftsvereinigung (DWV) organisierten und bei der DWV-Partnerin EPAC (Economic Policy Advocacy Coalition) veranstalteten Zusammenkunft von Unternehmens- und Institutionenvertretern die Ergebnisse des aktuellen „Economic Monitors Georgia“ vor.

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Information meeting “Current issues in the maritime business”

On 22 November 2017, in the context of the event “Current issues in the maritime business”, which was organised by the Chamber of Trade (IHK) Emden, Anne Mdinaradze, analyst at Berlin Economics, held a talk on the topic “The ‘Belt and Road Initiative’: An assessment from three perspectives”. 

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Presentation of the 6th Issue of the Economic Monitor Georgia in Tbilisi

David Saha, Project Manager of the German Economic Team (GET) Georgia and Anne Mdinaradze, Analyst, presented the 6th issue of the Economic Monitor Georgia at the event “Current Economic Issues and Implications for Business: DCFTA, EU-Trade, Sectors, Taxes”, which took place on 21 May 2017 in Tbilisi and was organised in cooperation with the German Business Association (DWV). 

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Press conference of the German Advisory Group Ukraine on corporate tax reform in Kiev

The German Advisory Group Ukraine, in cooperation with the Institute for Economic Research and Policy Consulting and Otten Consulting gave a press conference at Interfax, Kiev on Thursday, February 1st 2018. Topic of the press conference was the planned reform of corporate taxation in Ukraine.Findings from joint analysis about the economic and fiscal effects of the proposed new corporate tax – the “Tax on Withdrawn Capital” – in comparison with the present corporate tax were presented, as well as recommendations on policy measures to accompany the tax reform if it goes ahead. Speakers from the German Advisory Group Ukraine were Robert Kirchner, Project Manager, David Saha, lead author of the key papers on corporate tax reform and Thomas Otten, also owner of our cooperation partner Otten Consulting. We were joined by Oleksandra Betliy, Leading Research Fellow at the Institute for Economic Research and Policy Consulting. The audience consisted of a group of around 15 journalists.

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Regional Business Forum in Moldova

On 3 July, Dr. Giucci gave a lecture at the regional forum “Moldova: Working Together to Support Growth” and presented the most important developments in the Moldovan banking sector since the fraud scandal, addressing particularities and potential economic problems.

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Roundtable discussion with the Governor of the National Bank of Ukraine Valerija Gontareva

The Governor of the National Bank of Ukraine, Valerija Gontareva, participated in a roundtable discussion on March 29th with representatives of german business and politics in the headquarters of the German Council on Foreign Relations (DGAP).Ms Gontareva, who was invited to Berlin by the Director of the German Advisory Group Ukraine, Mr. Robert Kirchner and by the CEO of Berlin Economics, Dr Ricardo Giucci, shared her views on the reform of the banking sector in Ukraine with German stakeholders.

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The Belarusian economy: are real changes on the way?

On 9 March 2017 Robert Kirchner, Vice Project Leader of the German Economic Team Belarus (GET) participated in the conference “The Belarusian economy: are real changes on the way?” in Brussels. The conference was organized by the renowned European Think Tank Bruegel in cooperation with the wiiw (Vienna Institute for International Economic Studies). Georg Zachmann (Bruegel, GET Belarus) presented the event.

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German Advisory Group Ukraine meets the Ukrainian Minister for Energy and Coal Mining

On January 30th 2017 the Ukrainian Minister for Energy and Coal Mining Nasalyk met the German Advisory Group (represented by our energy expert Georg Zachmann) and representatives of the Ukrainian NGO DiXi-Group to discuss the development of gas trading in Ukraine. Georg Zachmann presented a report prepared upon the request of the Ministry. The report outlines four challenges to develop a functioning gas wholesale market:

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10th Information meeting

On 23 January 2017 the six-monthly information meeting about high-level government consultation in Ukraine, Belarus, Moldova and Georgia was held at the Federal Ministry for Economy and Energy (BMWi). Representatives of the BMWi, the Ministry of Foreign Affairs, the Ministry of Food and Agriculture, the Federal Ministry of Finance, the Federal Ministry for Economic Cooperation and Development, the German Parliament, the Reconstruction Credit Institute and members of foundations, associations and other expert organisations attended the event.

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10th Information meeting about high-level government consultation

On 23 January 2017 the six-monthly information meeting about high-level government consultation in Ukraine, Belarus, Moldova and Georgia was held at the Federal Ministry for Economy and Energy (BMWi). Representatives of the BMWi, the Ministry of Foreign Affairs, the Ministry of Food and Agriculture, the Federal Ministry of Finance, the Federal Ministry for Economic Cooperation and Development, the German Parliament, the Reconstruction Credit Institute and members of foundations, associations and other expert organisations attended the event.

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10th Information meeting about high-level government consultation

On 23 January 2017 the six-monthly information meeting about high-level government consultation in Ukraine, Belarus, Moldova and Georgia was held at the Federal Ministry for Economy and Energy (BMWi). Representatives of the BMWi, the Ministry of Foreign Affairs, the Ministry of Food and Agriculture, the Federal Ministry of Finance, the Federal Ministry for Economic Cooperation and Development, the German Parliament, the Reconstruction Credit Institute and members of foundations, associations and other expert organizations attended the event.

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Panel discussion “Sustainable growth – success factors and strategic options for the agricultural sector in Ukraine”

On 20 January 2017 Robert Kirchner, Vice Project Leader of the German Advisory Group Ukraine, took part in the panel discussion “Sustainable growth – success factors and strategic options for the agricultural sector in Ukraine”, which was held in the framework of the 9th Global Forum for Food and Agriculture (GFFA) at the “Green Week” in Berlin. The GFFA is organized by the Ministry for Food and Agriculture (BMEL) in cooperation with the GFFA Berlin e.V., the Senate of Berlin and the Messe Berlin GmbH.

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10th Information meeting about high-level government consultation

On 23 January 2017 the six-monthly information meeting about high-level government consultation in Ukraine, Belarus, Moldova and Georgia was held at the Federal Ministry for Economy and Energy (BMWi). Representatives of the BMWi, the Ministry of Foreign Affairs, the Ministry of Food and Agriculture, the Federal Ministry of Finance, the Federal Ministry for Economic Cooperation and Development, the German Parliament, the Reconstruction Credit Institute and members of foundations, associations and other expert organisations attended the event.

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Discussion with the German-Ukrainian Parliamentary Group

On 15 December 2016 Ricardo Giucci, Leader of the German Advisory Group Ukraine, held a presentation about the economic situation in Ukraine to representatives of the German Bundestag. Among them were Karl-Georg Wellmann, Chairman of the German-Ukrainian Parliamentary Group, Norbert Spinrath and Susanna Karawanskij, both Vice Chairmen of the Parliamentary Group.

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