Almost 18,000 civilians evacuated from areas of Aleppo controlled by militantsWorld December 10, 7:41
Russian swimmers win 11 sets of medals at FINA World Swimming Championships (25 m)Sport December 10, 7:00
Shiveluch volcano in Russia’s Far East spews ash to 11 km in airWorld December 10, 5:28
Ceasefire agreements enter into force near Damascus, in Idlib province ― mediaWorld December 10, 4:18
Russian pair Tarasova/Morozov win final of ISU Grand Prix of Figure Skating in MarseillesSport December 10, 4:00
Matviyenko to visit UAE to participate in Forum of Women Speakers of ParliamentRussian Politics & Diplomacy December 10, 3:21
Doping samples of all athletes from past three Olympics should be re-analyzed ― lawmakerSport December 10, 2:01
Russia’s figure skater Medvedeva leads with world record after SP at Grand Prix finalsSport December 10, 1:28
Russian energy minister expects OPEC, non member countries to sign agreement on oil outputBusiness & Economy December 10, 0:46
АSTANA, December 1 (Itar-Tass) — The Customs Union (CU) member-countries must raise the competitiveness of their economies and reduce non-productive costs so as to mitigate the consequences of a global financial downturn, Gherman Gref, Chairman of the Board of the Sberbank (savings bank) of Russia said at an economic forum here on Thursday.
"It is essential (for them) to straighten things out in their economies, inside the CU, and get prepared for a sharp reduction in costs at all enterprises," Gref pointed out.
Gref said a deterioration of the international economic situation would be relayed to the CU via two channels. The first one is the cost of raw materials. "Our economies must be readied to realize that a decline in oil prices will come about sooner or later," Gref maintains.
The second channel is a complication of the situation on the global financial markets. Such a complication would be conducive "to a reduction in the influx of foreign investments" and a rise in the price of external borrowings. "First of all, financial instability affects maybe the most potential and at the same time most risk-prone markets, to which we belong," he said.
In this connection, Gref's opinion is that in view of a global downturn "We all would have to encounter a high volatility and the need for a certain period of time to artificially maintain our competitiveness and the level of employment so as to endure maybe a long-enough period of decline in the volume of production and in the prices of the output of enterprises". His forecast is that "We shall see this kind of decline in both the construction sector and machine building soon".
"As of now, the most correct thing we may do is to reduce all our common non-productive costs," Gref emphasized.