Investment in people: What are some positive aspects of financial crisis? Tuganai Borina

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The worldwide financial crisis

“ Written in Chinese, the word crisis is composed of two characters: one represents the danger, another- opportunity ”. “ Written in Chinese, the word crisis is composed of two characters: one represents the danger, another- opportunity ”. John F. Kennedy

Did you know? There are 625 million illiterates in Asia: 71% of the world’s total, of whom 64% are women and girls. (2006)

“..in a modern industrialized economy, 75% to 80% of a person's economic output comes from human capital (as opposed to, say, land or machinery)..” Gary Becker, the Nobel Prize-winning University of Chicago economist

China, which plans to establish a knowledge-based economy, will invest around 27 billion US dollars in education to ensure that every child in rural areas enjoyed nine years of compulsory education. The Chinese government vows to fundamentally change the fact that many poor families cannot afford to send their kids to school.

“Only 16% of students in Kazakhstan study thanks to the public grants. If we want to boost our economy, innovation and science, first of all, we have to start with proper education and staff training. ” Beken Alimzhanov, Deputy of Majilis 2007

Kazakhstan Government decided to provide grants for undergraduates and graduate students.

The number of grants allotted for higher education in academic year comprised and exceeded the last year index by 100. The state has provided 4500 grants for educational years. That is by 500 grants more than in previous years.

Republican budget on April 1, 2007 (mln tg) Republican budget on April 1, 2009 Expenditures ,1EXPENDITURES ,3 Defense ,2 Defense Education 31336,2 Education 39817,3 Public health service Public health service Social security and aid Social security and social aid Housing and communal facilities Housing and communal facilities Culture, sports, tourism 7827 Culture, sports, tourism Transport and communication Transport and communications Other Other 5359 Source Ministry of finance of Kazakhstan

 End of domination of the sole magnate. Wall street used to be the most powerful investment house.  The financial crisis showed dependence of many countries from foreign markets especially post-Soviet Union’s regions.

“Today, we import 80% of canned vegetables and fruit, half of meat products and 53% of powder milk.” From the Address of the President to the People of Kazakhstan "Kazakhstan on the road to accelerated economic, social and political modernization.”

“Therefore, we decided to continue financing the investment projects seeking to develop export-oriented production facilities, the infrastructure for exporting and deep processing of Kazakhstan's grain. 280 billion tenge was allocated for the development of the agribusiness.” From the Address of the President to the People of Kazakhstan “Through Crisis to Renovation and Development”

 The next global financial and banking system will be strictly regulated by applying the measures of control, transparency, global governance. The next global financial and banking system will be strictly regulated and supervised by applying the measures of control, transparency and global governance.

More transparency is the benefit of the financial crisis. Kazakhstan government signed the Ratification of the UN Convention against corruption in 2008, recognizing that this is one of the ways to come out safely from financial crisis.

According to the index of corruption perception calculated by Transparency International, Kazakhstan was on the 150th place (2007). The report (2008) showed that Kazakhstan has placed 145th among 180 nations.

The financial crisis benefits our Earth because: People became more economical Green production helps to reduce cost The money saved will go on social projects We will have healthy environment to live after the crisis is over

Korea intends to devote around 80% of their financial stimulus measures to green projects.

“Green jobs are the jobs of the future, not just because they pay well and can’t be outsourced. And not just because they’ll help strengthen our economy and lift up our middle class. But because they’ll help reduce our dependence on foreign oil, and save this planet for our children,” Barack H. Obama

Helps to reduce our dependence from natural resources. Improves the environment, making it safer and better place to live. Positive side of crisis The economy turned “green” because of Global financial crisis. Green is the pathway to get out of this economic mess, green is the way to create jobs and new businesses, find new resources of energy and save money

The crisis showed some well hidden disadvantages of “perfect economy. At the same time it leads us to building a stronger, cleaner and fairer world economy.