The Institute of Contemporary Development hosted a roundtable discussion “On the Condition and Development Trends in the World Economy and Emerging Markets”.

The participants included Chairman of the Institute's Board Igor Yurgens, Academic Director of the Higher School of Economics Evgeny Yasin, President of the Institute of Energy and Finance Leonid Grigoriev, President of the Center of Strategic Research Mikhail Dmitriev, Executive Vice President of the Association of Russian Banks Anatoly Milukov and other officials and representatives of banks and business communities.

Philip Poole, Global Head of Emerging Markets Research at HSBC, made an opening speech devoted to the current crisis and outlined its key stages: 1) the period of financial instability; 2) recession in the real economy sector; 3) recovery from the crisis.

Speaking about the possible ways to combat the crisis Philip Poole said he expects deflation in the short-term perspective while inflation is most likely to take place during recovery from the crisis.

The discussion participants agreed that global presence of the financial group HSBC gives an extra opportunity to integrate separate pieces of information provided by various countries into the big picture of the global economy and the global financial sector.