{"id":6635,"date":"2014-01-15T09:25:48","date_gmt":"2014-01-15T09:25:48","guid":{"rendered":"http:\/\/geoeconomics.ge\/?p=6635"},"modified":"2014-03-10T08:57:05","modified_gmt":"2014-03-10T08:57:05","slug":"%e1%83%9b%e1%83%a1%e1%83%9d%e1%83%a4%e1%83%9a%e1%83%98%e1%83%9d-%e1%83%94%e1%83%99%e1%83%9d%e1%83%9c%e1%83%9d%e1%83%9b%e1%83%98%e1%83%99%e1%83%90-%e1%83%90%e1%83%ae%e1%83%90%e1%83%9a-%e1%83%a4","status":"publish","type":"post","link":"https:\/\/geoeconomics.ge\/?p=6635","title":{"rendered":"\u10db\u10e1\u10dd\u10e4\u10da\u10d8\u10dd \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0 \u10d0\u10ee\u10d0\u10da \u10e4\u10d0\u10d6\u10d0\u10e8\u10d8 \u10e8\u10d4\u10d3\u10d8\u10e1"},"content":{"rendered":"

\u10db\u10d0\u10d9\u10d0 \u10e6\u10d0\u10dc\u10d8\u10d0\u10e8\u10d5\u10d8\u10da\u10d8<\/p>\n

Morgan Stanley \u10d7\u10d0\u10d5\u10d8\u10e1 \u10e7\u10dd\u10d5\u10d4\u10da\u10ec\u10da\u10d8\u10e3\u10e0 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10e1 2014-15 \u10ec\u10da\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10d0\u10e5\u10ea\u10d8\u10d0\u10d7\u10d0 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d6\u10d4 \u10d0\u10e0\u10e1\u10d4\u10d1\u10e3\u10da\u10d8 ”\u10d1\u10e3\u10e8\u10e2\u10d4\u10d1\u10d8\u10e1” \u10e8\u10d4\u10e1\u10d0\u10ee\u10d4\u10d1 \u10e1\u10d0\u10e3\u10d1\u10e0\u10d8\u10d7 \u10d8\u10ec\u10e7\u10d4\u10d1\u10e1 \u10d3\u10d0 \u10d0\u10e6\u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10e1, \u10e0\u10dd\u10db \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10db\u10d0 \u10d1\u10dd\u10da\u10dd 5 \u10ec\u10da\u10d8\u10e1 \u10db\u10d0\u10e5\u10e1\u10d8\u10db\u10e3\u10db\u10e1 \u10db\u10d8\u10d0\u10e6\u10ec\u10d8\u10d0. \u10db\u10d0\u10e0\u10d7\u10d0\u10da\u10d8\u10d0, \u10e0\u10d7\u10e3\u10da\u10d8\u10d0 \u10d8\u10db\u10d8\u10e1 \u10d3\u10d0\u10ef\u10d4\u10e0\u10d4\u10d1\u10d0, \u10e0\u10dd\u10db \u10d1\u10d0\u10d6\u10d0\u10e0\u10d6\u10d4 \u10d0\u10e0\u10e1\u10d4\u10d1\u10e3\u10da\u10d8 ”\u10d1\u10e3\u10e8\u10e2\u10d4\u10d1\u10d8” \u10d1\u10d4\u10d3\u10d8\u10e1 \u10e1\u10d0\u10e9\u10e3\u10e5\u10d0\u10e0\u10d8\u10d0, \u10d2\u10d0\u10dc\u10e1\u10d0\u10d9\u10e3\u10d7\u10e0\u10d4\u10d1\u10d8\u10d7 2002 \u10d3\u10d0 2008 \u10ec\u10da\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10ea\u10d3\u10d8\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10d1\u10d4\u10d5\u10e0\u10d8 \u10e4\u10d8\u10e5\u10e0\u10dd\u10d1\u10e1, \u10e0\u10dd\u10db \u10d3\u10e6\u10d4\u10e1 \u10d0\u10e0\u10e1\u10d4\u10d1\u10e3\u10da\u10d8 \u10e1\u10e2\u10e3\u10d0\u10ea\u10d8\u10d0 \u10e1\u10d0\u10e1\u10d8\u10d9\u10d4\u10d7\u10dd\u10d3 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10d8\u10e7\u10dd\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10e3\u10da\u10d8. Morgan Stanley-\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10d7, \u10db\u10d0\u10e0\u10d7\u10d0\u10da\u10d8\u10d0, \u10dc\u10d4\u10da\u10d8 \u10e2\u10d4\u10db\u10de\u10d4\u10d1\u10d8\u10d7, \u10d7\u10e3\u10db\u10ea\u10d0, \u10d2\u10da\u10dd\u10d1\u10d0\u10da\u10e3\u10e0\u10d8 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10e0\u10d4\u10ea\u10d4\u10e1\u10d8\u10d8\u10d3\u10d0\u10dc \u10d2\u10d0\u10db\u10dd\u10d3\u10d8\u10e1. \u10e1\u10ee\u10d5\u10d0 \u10e4\u10d0\u10e5\u10e2\u10dd\u10e0\u10d4\u10d1\u10d7\u10d0\u10dc \u10d4\u10e0\u10d7\u10d0\u10d3, \u10d0\u10db\u10d8\u10e1 \u10e8\u10d4\u10d3\u10d4\u10d2\u10d8 \u10d8\u10e1\u10d8\u10ea\u10d0\u10d0, \u10e0\u10dd\u10db \u10d1\u10dd\u10da\u10dd \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10e8\u10d8 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8 \u10d2\u10d0\u10d8\u10d6\u10e0\u10d3\u10d0. \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8 \u10d0\u10ea\u10ee\u10d0\u10d3\u10d4\u10d1\u10d4\u10dc, \u10e0\u10dd\u10db 2014 \u10ec\u10d4\u10da\u10e1 \u10e0\u10d4\u10ea\u10d4\u10e1\u10d8\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10d4\u10dd\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d0\u10e8\u10d8\u10e8\u10e0\u10dd\u10d4\u10d1\u10d0 \u10d0\u10e6\u10d0\u10e0\u10d0\u10d0. \u10d7\u10e3\u10db\u10ea\u10d0, \u10d0\u10ee\u10da\u10d0 \u10d8\u10e1\u10db\u10d8\u10e1 \u10db\u10d7\u10d0\u10d5\u10e0\u10d8 \u10d9\u10d8\u10d7\u10ee\u10d5\u10d0 – \u10d4\u10e1 \u10d2\u10d0\u10ef\u10d0\u10dc\u10e1\u10d0\u10e6\u10d4\u10d1\u10d0 \u10e0\u10d0\u10db\u10d3\u10d4\u10dc\u10d0\u10d3 \u10e1\u10d0\u10d9\u10db\u10d0\u10e0\u10d8\u10e1\u10d8\u10d0 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e0\u10d4\u10ea\u10d4\u10e1\u10d8\u10d8\u10e1 \u10ec\u10d8\u10dc\u10d0 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d7\u10d0\u10dc \u10d3\u10d0\u10e1\u10d0\u10d1\u10e0\u10e3\u10dc\u10d4\u10d1\u10da\u10d0\u10d3. <\/p>\n

\u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8 \u10d0\u10e1\u10d4\u10d5\u10d4 \u10d4\u10da\u10dd\u10d3\u10d4\u10d1\u10d8\u10d0\u10dc 2014 \u10ec\u10d4\u10da\u10e1 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d0\u10e1, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d4\u10d1\u10e1 \u10d0\u10e4\u10e0\u10d7\u10ee\u10d8\u10da\u10d4\u10d1\u10d4\u10dc, \u10e0\u10dd\u10db \u10d3\u10d8\u10d3\u10d8 \u10e1\u10d8\u10e4\u10e0\u10d7\u10ee\u10d8\u10da\u10d8\u10d7\u10d0 \u10d3\u10d0 \u10ec\u10d8\u10dc\u10d3\u10d0\u10ee\u10d4\u10d3\u10e3\u10da\u10dd\u10d1\u10d8\u10d7 \u10e3\u10dc\u10d3\u10d0 \u10db\u10dd\u10d4\u10d9\u10d8\u10d3\u10dd\u10dc \u10e1\u10d0\u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10dd \u10de\u10dd\u10e0\u10e2\u10e4\u10d4\u10da\u10d8\u10e1 \u10e8\u10d4\u10e0\u10e9\u10d4\u10d5\u10d0\u10e1. \u10d0\u10db\u10d4\u10e0\u10d8\u10d9\u10d4\u10da \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d4\u10d1\u10e1 \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8 \u10d2\u10d0\u10dc\u10e1\u10d0\u10e3\u10d7\u10e0\u10d4\u10d1\u10d8\u10d7 \u10e3\u10e0\u10e9\u10d4\u10d5\u10d4\u10dc \u10e2\u10d4\u10e5\u10dc\u10dd\u10da\u10dd\u10d2\u10d8\u10e3\u10e0\u10d8, \u10d8\u10dc\u10d3\u10e3\u10e1\u10e2\u10e0\u10d8\u10e3\u10da\u10d8, \u10ef\u10d0\u10dc\u10d3\u10d0\u10ea\u10d5\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10e1\u10d4\u10e5\u10e2\u10dd\u10e0\u10d8\u10e1 \u10ec\u10d0\u10e0\u10db\u10dd\u10db\u10d0\u10d3\u10d2\u10d4\u10dc\u10d4\u10da\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8\u10e1 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10e8\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10e1. \u10d0\u10db\u10d4\u10e0\u10d8\u10d9\u10e3\u10da\u10d7\u10d0\u10dc \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10d7 \u10dc\u10d0\u10d9\u10da\u10d4\u10d1 \u10e1\u10d0\u10dc\u10d3\u10dd\u10d0 \u10d4\u10d5\u10e0\u10dd\u10de\u10e3\u10da\u10d8 \u10d3\u10d0 \u10d8\u10d0\u10de\u10dd\u10dc\u10e3\u10e0\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10d4\u10e1 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d4\u10d1\u10d8 \u10ef\u10d4\u10e0 \u10d9\u10d8\u10d3\u10d4\u10d5 \u10d3\u10d8\u10d3\u10d8 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10e3\u10e0\u10d8 \u10d2\u10d0\u10db\u10dd\u10ec\u10d5\u10d4\u10d5\u10d4\u10d1\u10d8\u10e1 \u10ec\u10d8\u10dc\u10d0\u10e8\u10d4 \u10d3\u10d2\u10d0\u10dc\u10d0\u10dc. <\/p>\n

2 \u10ec\u10da\u10d8\u10e1 \u10ec\u10d8\u10dc 12-\u10d7\u10d5\u10d8\u10d0\u10dc\u10d8 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d8\/\u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d8\u10d0\u10dc\u10dd\u10d1\u10d0 12-\u10d8\u10d0\u10dc\u10d8 \u10de\u10e3\u10dc\u10e5\u10e2\u10d8\u10d7 \u10d8\u10e7\u10dd \u10d2\u10d0\u10dc\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10e3\u10da\u10d8, \u10d3\u10e6\u10d4\u10e1 \u10d4\u10e1 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d8 15-\u10d8\u10d0. \u10d4\u10e1 \u10e1\u10d0\u10d9\u10db\u10d0\u10e0\u10d8\u10e1\u10d8 \u10d8\u10e7\u10dd \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 50%-\u10d8\u10d0\u10dc\u10d8 \u10d2\u10d0\u10e4\u10d0\u10e0\u10d7\u10dd\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1, \u10db\u10d8\u10e3\u10ee\u10d4\u10d3\u10d0\u10d5\u10d0\u10d3 \u10d8\u10db\u10d8\u10e1\u10d0, \u10e0\u10dd\u10db \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d8\u10d0\u10dc\u10dd\u10d1\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10db\u10dd\u10da\u10dd\u10d3\u10d8\u10dc\u10d8 \u10db\u10ee\u10dd\u10da\u10dd\u10d3 12% \u10d8\u10e7\u10dd. \u10d7\u10e3\u10db\u10ea\u10d0, \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8 \u10d8\u10db \u10e4\u10d0\u10e5\u10e2\u10e1\u10d0\u10ea \u10e3\u10e1\u10d5\u10d0\u10db\u10d4\u10dc \u10ee\u10d0\u10d6\u10e1, \u10e0\u10dd\u10db \u10d0\u10db\u10ee\u10d4\u10da\u10d0 \u10d2\u10d0\u10e4\u10d0\u10e0\u10d7\u10dd\u10d4\u10d1\u10d0 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d6\u10d4 \u10e3\u10d0\u10ee\u10da\u10dd\u10d4\u10e1 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10e8\u10d8 \u10d0\u10e6\u10d0\u10e0\u10d0\u10d0 \u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8. <\/p>\n

\u10db\u10e1\u10d2\u10d0\u10d5\u10e1\u10d8 \u10d2\u10d0\u10e4\u10d0\u10e0\u10d7\u10dd\u10d4\u10d1\u10d8\u10e1 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8 2 \u10ec\u10da\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10d0\u10d5\u10da\u10dd\u10d1\u10d0\u10e8\u10d8 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10db\u10d0 \u10ec\u10d0\u10e0\u10e1\u10e3\u10da\u10e8\u10d8 \u10e1\u10d0\u10db\u10ef\u10d4\u10e0 \u10d2\u10d0\u10d8\u10d0\u10e0\u10d4\u10e1: 1896 \u10ec\u10da\u10d8\u10e1 \u10db\u10d0\u10e0\u10e2\u10d8\u10d3\u10d0\u10dc 1987 \u10ec\u10da\u10d8\u10e1 \u10e1\u10d4\u10e5\u10e2\u10d4\u10db\u10d1\u10e0\u10d0\u10db\u10d3\u10d4, 1991 \u10ec\u10da\u10d8\u10e1 \u10d3\u10d4\u10d9\u10d4\u10db\u10d1\u10e0\u10d8\u10d3\u10d0\u10dc 1992 \u10ec\u10da\u10d8\u10e1 \u10d3\u10d4\u10d9\u10d4\u10db\u10d1\u10e0\u10d0\u10db\u10d3\u10d4 \u10d3\u10d0 1996 \u10ec\u10da\u10d8\u10e1 \u10db\u10dc\u10dd\u10d4\u10db\u10d1\u10e0\u10d8\u10d3\u10d0\u10dc 2000 \u10ec\u10da\u10d8\u10e1 \u10dd\u10e5\u10e2\u10dd\u10db\u10d1\u10e0\u10d0\u10db\u10d3\u10d4. \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d7\u10d0 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10d7, \u10e1\u10d4\u10e5\u10e2\u10d4\u10db\u10d1\u10e0\u10d8\u10d3\u10d0\u10dc \u10db\u10dd\u10e7\u10dd\u10da\u10d4\u10d1\u10e3\u10da\u10d8 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8 \u10d9\u10d5\u10da\u10d0\u10d5 \u10d0\u10dc\u10d0\u10da\u10dd\u10d2\u10d8\u10e3\u10e0 \u10e4\u10d0\u10d6\u10d0\u10e8\u10d8 \u10d8\u10db\u10e7\u10dd\u10e4\u10d4\u10d1\u10d8\u10d0\u10dc. \u10ec\u10d0\u10e0\u10e1\u10e3\u10da\u10d8 \u10d2\u10d0\u10db\u10dd\u10ea\u10d3\u10d8\u10da\u10d4\u10d1\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10d6\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7, \u10db\u10e1\u10d2\u10d0\u10d5\u10e1\u10d8 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d4\u10d1\u10d8\u10d3\u10d0\u10dc 12 \u10d7\u10d5\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10d0\u10d5\u10da\u10dd\u10d1\u10d0\u10e8\u10d8, \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0 \u10d9\u10d0\u10e0\u10d2 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10e1 \u10d0\u10e6\u10ec\u10d4\u10d5\u10e1. \u10d6\u10d4\u10db\u10dd\u10d7 \u10d0\u10e6\u10dc\u10d8\u10e8\u10dc\u10e3\u10da \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d4\u10d1\u10e1 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d0 \u10db\u10dd\u10f0\u10e7\u10d5\u10d0 \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3 – 19.3%, 8.1 % \u10d3\u10d0 28.1%-\u10d8\u10d7. \u10d7\u10e3 \u10d2\u10d0\u10d5\u10d8\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d7 \u10d8\u10db\u10d0\u10e1, \u10e0\u10dd\u10db \u10d8\u10e1\u10e2\u10dd\u10e0\u10d8\u10d0 \u10ee\u10e8\u10d8\u10e0\u10d0\u10d3 \u10db\u10d4\u10dd\u10e0\u10d3\u10d4\u10d1\u10d0, \u10d4\u10e1 \u10d9\u10d0\u10e0\u10d2\u10d8 \u10e1\u10d8\u10d2\u10dc\u10d0\u10da\u10d8\u10d0 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d4\u10d1\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1. <\/p>\n

\u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 \u10d2\u10d0\u10e4\u10d0\u10e0\u10d7\u10dd\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10e1\u10d0\u10d2\u10e0\u10eb\u10d4\u10da\u10d4\u10d1\u10da\u10d0\u10d3, Morgan Stanley-\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10e2\u10d7\u10d0 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10d7, \u10e1\u10d0\u10db\u10d8 \u10de\u10d8\u10e0\u10dd\u10d1\u10d8\u10e1 \u10d0\u10e0\u10e1\u10d4\u10d1\u10dd\u10d1\u10d0\u10d0 \u10d0\u10e3\u10ea\u10d8\u10da\u10d4\u10d1\u10d4\u10da\u10d8: \u10de\u10d8\u10e0\u10d5\u10d4\u10da \u10e0\u10d8\u10d2\u10e8\u10d8, \u10dd\u10ea\u10dc\u10d4\u10d1\u10d0 \u10e3\u10e4\u10e0\u10dd \u10db\u10d0\u10e6\u10d0\u10da\u10d8 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10ee\u10d4\u10d1 \u10e3\u10ea\u10d5\u10da\u10d4\u10da\u10d8 \u10e3\u10dc\u10d3\u10d0 \u10d3\u10d0\u10e0\u10e9\u10d4\u10e1. \u10d7\u10e3 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d4\u10d1\u10d8 \u10d8\u10e0\u10ec\u10db\u10e3\u10dc\u10d4\u10d1\u10d4\u10dc, \u10e0\u10dd\u10db \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 10-\u10ec\u10da\u10d8\u10d0\u10dc\u10d8 \u10e1\u10d0\u10ee\u10d0\u10d6\u10d8\u10dc\u10dd \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d0 3%-\u10d3\u10d0\u10dc 3.5%-\u10db\u10d3\u10d4, \u10d7\u10d0\u10dc\u10d0\u10ea \u10d8\u10e1\u10d4, \u10e0\u10dd\u10db \u10db\u10d0\u10d7 \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10d0\u10da\u10e1 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d0 \u10d0\u10e0 ”\u10e8\u10d4\u10ed\u10d0\u10db\u10e1”, \u10d4\u10e1 \u10d9\u10d0\u10e0\u10d2\u10d8 \u10e1\u10d8\u10d2\u10dc\u10d0\u10da\u10d8 \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2\u10d8 \u10d2\u10d0\u10e4\u10d0\u10e0\u10d7\u10dd\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1. \u10db\u10d4\u10dd\u10e0\u10d4, \u10e4\u10d4\u10d3\u10d8\u10e1 \u10db\u10dd\u10dc\u10d4\u10e2\u10d0\u10e0\u10e3\u10da\u10d8 \u10de\u10dd\u10da\u10d8\u10e2\u10d8\u10d9\u10d0 \u10e3\u10e4\u10e0\u10dd \u10db\u10dd\u10e5\u10dc\u10d8\u10da\u10d8 \u10d3\u10d0 \u10e8\u10d4\u10d3\u10d4\u10d2\u10d8\u10d0\u10dc\u10d8 \u10e3\u10dc\u10d3\u10d0 \u10d2\u10d0\u10ee\u10d3\u10d4\u10e1. \u10d3\u10d0 \u10d1\u10dd\u10da\u10dd\u10e1, \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d8\u10d0\u10dc\u10dd\u10d1\u10d8\u10e1 20%-\u10d8\u10d0\u10dc\u10d8 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d8 \u10d0\u10e0 \u10e3\u10dc\u10d3\u10d0 \u10d2\u10d0\u10d8\u10d6\u10d0\u10e0\u10d3\u10dd\u10e1. <\/p>\n

S&P 500 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8<\/strong><\/p>\n

Morgan Stanley-\u10d8\u10e1 \u10d0\u10e6\u10db\u10d0\u10e1\u10e0\u10e3\u10da\u10d4\u10d1\u10d4\u10da\u10d8 \u10d3\u10d8\u10e0\u10d4\u10e5\u10e2\u10dd\u10e0\u10d8\u10e1 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0\u10e0\u10d2\u10e8\u10d8 \u10d0\u10d3\u10d0\u10db \u10de\u10d0\u10e0\u10d9\u10d4\u10e0\u10d8 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10e1, \u10e0\u10dd\u10db S&P 500 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8 2014 \u10ec\u10d4\u10da\u10e1 2014-\u10d8\u10d0\u10dc \u10dc\u10d8\u10e8\u10dc\u10e3\u10da\u10e1 \u10db\u10d8\u10e3\u10d0\u10ee\u10da\u10dd\u10d5\u10d3\u10d4\u10d1\u10d0, \u10db\u10d0\u10e1 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2, \u10e0\u10d0\u10ea \u10d0\u10e0\u10e1\u10d4\u10d1\u10e3\u10da\u10d8 1805 \u10de\u10e3\u10dc\u10e5\u10e2\u10d8\u10d3\u10d0\u10dc 11.5%-\u10d8\u10d7 \u10d2\u10d0\u10d8\u10d6\u10e0\u10d3\u10d4\u10d1\u10d0. <\/p>\n

\u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10d0\u10e0\u10e2\u10d4\u10d1\u10d8\u10d7, \u10d1\u10d0\u10e0\u10d0\u10d7\u10e8\u10d8 \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8 \u10d2\u10d0\u10dc\u10db\u10d0\u10e0\u10e2\u10d0\u10d5\u10d4\u10dc, \u10e0\u10dd\u10db \u10db\u10d0\u10e0\u10e2\u10d8\u10d3\u10d0\u10dc \u10db\u10dd\u10e7\u10dd\u10da\u10d4\u10d1\u10e3\u10da\u10d8 \u10d0\u10e8\u10e8-\u10d8\u10e1 \u10d0\u10e5\u10ea\u10d8\u10d0\u10d7\u10d0 \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10e1\u10d8\u10ea\u10dd\u10ea\u10ee\u10da\u10d8\u10e1\u10e3\u10dc\u10d0\u10e0\u10d8\u10d0\u10dc\u10d8 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8 \u10d8\u10e7\u10dd. ”\u10d1\u10dd\u10da\u10dd 2 \u10ec\u10da\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10d0\u10d5\u10da\u10dd\u10d1\u10d0\u10e8\u10d8 \u10e9\u10d5\u10d4\u10dc \u10d2\u10d5\u10e5\u10dd\u10dc\u10d3\u10d0 3 \u10d3\u10d8\u10d3\u10d8 \u10e2\u10d0\u10da\u10e6\u10d0. \u10d2\u10d0\u10e4\u10d0\u10e0\u10d7\u10dd\u10d4\u10d1\u10d8\u10e1 \u10e7\u10d5\u10d4\u10da\u10d0\u10d6\u10d4 \u10d3\u10d8\u10d3\u10d8 \u10e2\u10d0\u10da\u10e6\u10d0 \u10d1\u10dd\u10da\u10dd 40 \u10ec\u10da\u10d8\u10e1 \u10db\u10d0\u10dc\u10eb\u10d8\u10da\u10d6\u10d4 \u10ec\u10d8\u10dc \u10d2\u10d5\u10d4\u10da\u10d8\u10e1. \u10db\u10d0\u10e0\u10d7\u10d0\u10da\u10d8\u10d0, \u10d0\u10db \u10e1\u10d0\u10db\u10d8 \u10d3\u10d8\u10d3\u10d8 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10e1\u10e2\u10d0\u10e2\u10d8\u10e1\u10e2\u10d8\u10d9\u10e3\u10e0\u10d8 \u10e8\u10d4\u10d3\u10d4\u10d2\u10d4\u10d1\u10d8 \u10ef\u10d4\u10e0 \u10d0\u10e0 \u10e9\u10d0\u10dc\u10e1, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10d8\u10e1\u10d8\u10dc\u10d8 \u10d7\u10d0\u10d5\u10e1 \u10db\u10dd\u10d8\u10e7\u10e0\u10d8\u10e1 \u10e1\u10e2\u10d0\u10e2\u10d8\u10e1\u10e2\u10d8\u10d9\u10d0\u10e8\u10d8 \u10e3\u10d0\u10ee\u10da\u10dd\u10d4\u10e1\u10d8 12-24 \u10d7\u10d5\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10d0\u10d5\u10da\u10dd\u10d1\u10d0\u10e8\u10d8. \u10d4\u10e1 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8 \u10e3\u10d9\u10d5\u10d4 \u10d3\u10d0\u10d3\u10d2\u10d0. \u10d0\u10ee\u10da\u10d0 \u10d4\u10e0\u10d7\u10d0\u10d3 \u10d4\u10e0\u10d7\u10d8, \u10e0\u10d0\u10ea \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 \u10db\u10dd\u10dc\u10d0\u10ec\u10d8\u10da\u10d4\u10d4\u10d1\u10e1 \u10d0\u10d3\u10d0\u10e0\u10d3\u10d4\u10d1\u10d7, \u10db\u10ee\u10dd\u10da\u10dd\u10d3 \u10d8\u10e1\u10d0\u10d0, \u10e0\u10dd\u10db \u10d0\u10e0\u10d0\u10d5\u10d8\u10dc \u10d0\u10e0\u10d0\u10e4\u10e0\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10ee\u10d4\u10d1 \u10e6\u10d4\u10da\u10d0\u10d5\u10e1. \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10d4\u10e1 \u10d0\u10e0 \u10d0\u10e0\u10d8\u10e1 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10e8\u10e4\u10dd\u10d7\u10d8” – \u10d5\u10d9\u10d8\u10d7\u10ee\u10e3\u10da\u10dd\u10d1\u10d7 \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10e8\u10d8. <\/p>\n

\u10d8\u10db\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1, \u10e0\u10dd\u10db \u10e4\u10d4\u10ee\u10d8 \u10d0\u10d5\u10e3\u10ec\u10e7\u10dd\u10d7 \u10d3\u10e0\u10dd\u10e1, \u10e3\u10dc\u10d3\u10d0 \u10db\u10dd\u10d5\u10d0\u10ee\u10d3\u10d8\u10dc\u10dd\u10d7 \u10e4\u10dd\u10d9\u10e3\u10e1\u10d8\u10e0\u10d4\u10d1\u10d0 \u10d8\u10db\u10d0\u10d6\u10d4, \u10d7\u10e3 \u10e0\u10d0 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10d2\u10d0\u10db\u10dd\u10d8\u10ec\u10d5\u10d8\u10dd\u10e1 \u10dc\u10d0\u10d9\u10da\u10d4\u10d1\u10d8 \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d8\u10e1 \u10db\u10d8\u10e6\u10d4\u10d1\u10d8\u10e1 \u10e2\u10e0\u10d0\u10d4\u10e5\u10e2\u10dd\u10e0\u10d8\u10d0\u10d6\u10d4 \u10d2\u10d0\u10d3\u10d0\u10e1\u10d5\u10da\u10d0\u10db \u10d0\u10dc \u10e0\u10d0 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10db\u10dd\u10d0\u10ee\u10d3\u10d8\u10dc\u10dd\u10e1 \u10d5\u10dd\u10da\u10d0\u10e2\u10d8\u10da\u10e3\u10e0\u10dd\u10d1\u10d0\u10db \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d4\u10d1\u10d6\u10d4. \u10d0\u10db\u10d8\u10e1 \u10d7\u10d0\u10d5\u10d8\u10d3\u10d0\u10dc \u10d0\u10e1\u10d0\u10ea\u10d8\u10da\u10d4\u10d1\u10da\u10d0\u10d3, \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8 \u10db\u10d8\u10d8\u10e9\u10dc\u10d4\u10d5\u10d4\u10dc, \u10e0\u10dd\u10db \u10d0\u10e3\u10ea\u10d8\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10e3\u10e0\u10d8 \u10d3\u10d0\u10dc\u10d0\u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8, \u10db\u10e3\u10e8\u10d0\u10ee\u10d4\u10da\u10d8\u10e1 \u10d3\u10d0\u10e5\u10d8\u10e0\u10d0\u10d5\u10d4\u10d1\u10d0 \u10d3\u10d0 \u10d8\u10dc\u10dd\u10d5\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0\u10dc\u10d4\u10e0\u10d2\u10d5\u10d0. \u10db\u10d0\u10e0\u10d7\u10d0\u10da\u10d8\u10d0, \u10d4\u10e1 \u10d3\u10d8\u10d3 \u10d3\u10d0\u10dc\u10d0\u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d7\u10d0\u10dc\u10d0\u10d0 \u10d3\u10d0\u10d9\u10d0\u10d5\u10e8\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10db\u10d0\u10d7\u10d7\u10d5\u10d8\u10e1 \u10d7\u10d0\u10d5\u10d8\u10e1 \u10d0\u10e0\u10d8\u10d3\u10d4\u10d1\u10d0 \u10d3\u10d8\u10d3\u10d8 \u10ec\u10d8\u10dc\u10d3\u10d0\u10e3\u10ee\u10d4\u10d3\u10d0\u10dd\u10d1\u10d0 \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0.
\n\u10d0\u10e3\u10ea\u10d8\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 \u10e2\u10d4\u10e5\u10dc\u10dd\u10da\u10dd\u10d2\u10d8\u10e3\u10e0\u10d8 \u10d3\u10d0 \u10d8\u10dc\u10d3\u10e3\u10e1\u10e2\u10e0\u10d8\u10e3\u10da\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10dc\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10ee\u10d4\u10da\u10e8\u10d4\u10ec\u10e7\u10dd\u10d1\u10d0. \u10e7\u10d5\u10d4\u10da\u10d0\u10d6\u10d4 \u10d3\u10d8\u10d3 \u10e0\u10d8\u10e1\u10d9\u10d4\u10d1\u10d0\u10d3 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10d9\u10d5\u10da\u10d0\u10d5 \u10e0\u10e9\u10d4\u10d1\u10d0 EM, \u10e4\u10d4\u10d3\u10d8\u10e1 \u10de\u10dd\u10da\u10d8\u10e2\u10d8\u10d9\u10d8\u10e1 \u10d2\u10d0\u10e3\u10e0\u10d9\u10d5\u10d4\u10d5\u10da\u10dd\u10d1\u10d0 \u10db\u10dd\u10db\u10d0\u10d5\u10d0\u10da\u10e8\u10d8 (\u10d0\u10de\u10d8\u10e0\u10d4\u10d1\u10e1 \u10d7\u10e3 \u10d0\u10e0\u10d0 \u10d8\u10e1 \u10db\u10dd\u10dc\u10d4\u10e2\u10d0\u10e0\u10e3\u10da\u10d8 \u10de\u10dd\u10da\u10d8\u10e2\u10d8\u10d9\u10d8\u10e1 \u10d2\u10d0\u10db\u10d9\u10d0\u10ea\u10e0\u10d4\u10d1\u10d0\u10e1) \u10d3\u10d0 \u10d4\u10d5\u10e0\u10dd\u10de\u10d0, \u10e1\u10d0\u10d3\u10d0\u10ea \u10db\u10d8\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4 \u10db\u10dd\u10d5\u10da\u10d4\u10dc\u10d4\u10d1\u10d8 \u10d3\u10dd\u10da\u10d0\u10e0\u10d8\u10e1 \u10d9\u10e3\u10e0\u10e1\u10d6\u10d4 \u10db\u10e7\u10d8\u10e1\u10d8\u10d4\u10e0\u10d0\u10d3 \u10d0\u10d8\u10e1\u10d0\u10ee\u10d4\u10d1\u10d0. <\/p>\n

\u10db\u10dd\u10e0\u10d2\u10d0\u10dc \u10e1\u10e2\u10d4\u10dc\u10da\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10dc\u10ea\u10ee\u10d0\u10d3\u10d4\u10d1\u10d8\u10d7, \u10db\u10d0\u10d7\u10d8 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8 \u10d8\u10db \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10d2\u10d0\u10db\u10d0\u10e0\u10d7\u10da\u10d3\u10d4\u10d1\u10d0, \u10d7\u10e3 \u10e4\u10d0\u10e1\u10d8\u10d0\u10dc \u10e5\u10d0\u10e6\u10d0\u10da\u10d3\u10d4\u10d1\u10d6\u10d4 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8 \u10d3\u10d0\u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10d3\u10d4\u10d1\u10d0, \u10e4\u10d4\u10d3\u10d8 \u10db\u10dd\u10dc\u10d0\u10ee\u10d0\u10d5\u10e1 \u10dd\u10e5\u10e0\u10dd\u10e1 \u10e8\u10e3\u10d0\u10da\u10d4\u10d3\u10e1 \u10db\u10d9\u10d0\u10ea\u10e0 \u10d3\u10d0 \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10d7 \u10e0\u10d1\u10d8\u10da \u10db\u10dd\u10dc\u10d4\u10e2\u10d0\u10e0\u10e3\u10da \u10de\u10dd\u10da\u10d8\u10e2\u10d8\u10d9\u10d0\u10e1 \u10e8\u10dd\u10e0\u10d8\u10e1 \u10d3\u10d0 \u10d2\u10d0\u10d8\u10d6\u10e0\u10d3\u10d4\u10d1\u10d0 \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d8\u10d0\u10dc\u10dd\u10d1\u10d8\u10e1 \u10e1\u10d0\u10d4\u10e0\u10d7\u10dd \u10d3\u10dd\u10dc\u10d4. \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d7\u10d0 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10d7, \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d6\u10d4 \u10db\u10d4\u10e2\u10d8 \u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1 \u10db\u10d8\u10e6\u10ec\u10d4\u10d5\u10d0\u10e1 \u10d0\u10e1\u10d4\u10d5\u10d4 \u10d2\u10d0\u10dc\u10d0\u10de\u10d8\u10e0\u10dd\u10d1\u10d4\u10d1\u10e1 \u10d8\u10d0\u10de\u10dd\u10dc\u10d8\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10e9\u10d8\u10dc\u10d4\u10d7\u10d8\u10e1 \u10db\u10ee\u10d0\u10e0\u10d3\u10d0\u10ed\u10d4\u10e0\u10d0\u10ea, \u10d7\u10e3\u10db\u10ea\u10d0, \u10d8\u10e1\u10d8\u10dc\u10d8 \u10d8\u10e5\u10d5\u10d4 \u10d3\u10d0\u10e1\u10eb\u10d4\u10dc\u10d4\u10dc, \u10e0\u10dd\u10db 2014 \u10ec\u10d4\u10da\u10e1 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10db\u10d8\u10e6\u10ec\u10d4\u10d5\u10d0 \u10db\u10e1\u10dd\u10e4\u10da\u10d8\u10dd\u10e1 \u10e7\u10d5\u10d4\u10da\u10d0 \u10e0\u10d4\u10d2\u10d8\u10dd\u10dc\u10d8\u10e1 \u10db\u10d0\u10e1\u10e8\u10e2\u10d0\u10d1\u10d8\u10d7 \u10d0\u10e0 \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8. <\/p>\n

\u10e8\u10d4\u10d2\u10d0\u10ee\u10e1\u10d4\u10dc\u10d4\u10d1\u10d7, \u10e0\u10dd\u10db Wall Street-\u10d6\u10d4 Morgan Stanley-\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8 \u10e7\u10d5\u10d4\u10da\u10d0\u10d6\u10d4 \u10d0\u10d5\u10e2\u10dd\u10e0\u10d8\u10e2\u10d4\u10e2\u10e3\u10da\u10d8\u10d0. \u10d0\u10db\u10d0\u10e1\u10d7\u10d0\u10dc\u10d0\u10d5\u10d4, \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8 \u10d0\u10e0\u10d0 \u10d0\u10e0\u10d8\u10d0\u10dc \u10d4\u10e0\u10d7\u10d0\u10d3 \u10d4\u10e0\u10d7\u10dc\u10d8, \u10d5\u10d8\u10dc\u10ea 2014 \u10ec\u10da\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10dd\u10de\u10e2\u10d8\u10db\u10d8\u10e1\u10e2\u10e3\u10e0 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d4\u10d1\u10e1 \u10d0\u10d9\u10d4\u10d7\u10d4\u10d1\u10d4\u10dc, \u10db\u10d0\u10d7 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d4\u10d1\u10e1 \u10db\u10ee\u10d0\u10e0\u10e1 \u10e1\u10ee\u10d5\u10d0 \u10ea\u10dc\u10dd\u10d1\u10d8\u10da\u10d8 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10e3\u10e0\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8\u10ea \u10e3\u10ed\u10d4\u10e0\u10d4\u10dc. <\/p>\n

\u10d0\u10d6\u10d8\u10e3\u10e0\u10d8 \u10d2\u10d0\u10db\u10dd\u10ec\u10d5\u10d4\u10d5\u10d4\u10d1\u10d8<\/strong><\/p>\n

Morgan Stanley-\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7, \u10d0\u10d6\u10d8\u10d8\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0\u10e1 2014 \u10ec\u10d4\u10da\u10e1 ”\u10d1\u10e0\u10eb\u10dd\u10da\u10d8\u10e1” \u10d2\u10d0\u10d3\u10d0\u10e2\u10d0\u10dc\u10d0 \u10db\u10dd\u10e3\u10ec\u10d4\u10d5\u10e1. <\/p>\n

2013 \u10ec\u10da\u10d8\u10e1 \u10de\u10d8\u10e0\u10d5\u10d4\u10da \u10dc\u10d0\u10ee\u10d4\u10d5\u10d0\u10e0\u10e8\u10d8 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2, \u10db\u10d4\u10dd\u10e0\u10d4 \u10dc\u10d0\u10ee\u10d4\u10d5\u10e0\u10d8\u10d3\u10d0\u10dc \u10e0\u10d4\u10d2\u10d8\u10dd\u10dc\u10d8\u10e1 \u10db\u10e8\u10de \u10d2\u10d0\u10d8\u10d6\u10e0\u10d3\u10d0 6%-\u10d3\u10d0\u10dc 6.2%-\u10db\u10d3\u10d4. \u10d7\u10e3\u10db\u10ea\u10d0, \u10d6\u10e0\u10d3\u10d8\u10e1 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d8 \u10d2\u10d0\u10dc\u10e1\u10ee\u10d5\u10d0\u10d5\u10d4\u10d1\u10e3\u10da\u10d8\u10d0 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d4\u10d1\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7. \u10d6\u10e0\u10d3\u10d0 \u10d3\u10d0\u10e4\u10d8\u10e5\u10e1\u10d8\u10e0\u10d3\u10d0, \u10eb\u10d8\u10e0\u10d8\u10d7\u10d0\u10d3\u10d0\u10d3, \u10e9\u10d8\u10dc\u10d4\u10d7\u10d8\u10e1, \u10e1\u10d0\u10db\u10ee\u10e0\u10d4\u10d7 \u10d9\u10dd\u10e0\u10d4\u10d8\u10e1, \u10db\u10d0\u10da\u10d0\u10d8\u10d6\u10d8\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10e1\u10d8\u10dc\u10d2\u10d0\u10de\u10e3\u10e0\u10d8\u10e1 \u10ee\u10d0\u10e0\u10ef\u10d6\u10d4, \u10e1\u10ee\u10d5\u10d0 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d4\u10d1\u10e8\u10d8 \u10d9\u10d8 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d4\u10d1\u10d8 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d3\u10d0. \u10d0\u10e6\u10e1\u10d0\u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10d8\u10d0, \u10e0\u10dd\u10db \u10db\u10d7\u10d4\u10da \u10e0\u10d4\u10d2\u10d8\u10dd\u10dc\u10e8\u10d8 \u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10dc\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d0 \u10e4\u10d8\u10e5\u10e1\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0, \u10d0\u10db\u10d0\u10e1\u10d7\u10d0\u10dc\u10d0\u10d5\u10d4, \u10d6\u10e0\u10d3\u10d0\u10e1 \u10ee\u10d4\u10da\u10d8 \u10e8\u10d4\u10e3\u10ec\u10e7\u10dd \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10dc\u10d0\u10d9\u10d0\u10d3\u10db\u10d0, \u10d0\u10e1\u10d4\u10d5\u10d4, \u10d4\u10e5\u10e1\u10de\u10dd\u10e0\u10e2\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d0\u10db. Morgan Stanley-\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7, \u10d2\u10da\u10dd\u10d1\u10d0\u10da\u10e3\u10e0\u10d8 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d8\u10e1 \u10db\u10e8\u10de 2014 \u10ec\u10d4\u10da\u10e1 2.9%-\u10d3\u10d0\u10dc 3.4%-\u10db\u10d3\u10d4 \u10d2\u10d0\u10d8\u10d6\u10e0\u10d3\u10d4\u10d1\u10d0. \u10d0\u10d6\u10d8\u10d8\u10e1 \u10e0\u10d4\u10d2\u10d8\u10dd\u10dc\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d0 \u10d9\u10d8 \u10d9\u10d5\u10da\u10d0\u10d5 6% \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0. <\/p>\n

\"1\"<\/a><\/p>\n

2014 \u10ec\u10da\u10d8\u10e1 \u10d1\u10dd\u10da\u10dd\u10e1\u10d9\u10d4\u10dc, \u10db\u10dd\u10d5\u10da\u10d4\u10dc\u10d4\u10d1\u10d8\u10e1 \u10d0\u10e0\u10d0\u10e1\u10d0\u10e1\u10e3\u10e0\u10d5\u10d4\u10da\u10d8 \u10e1\u10ea\u10d4\u10dc\u10d0\u10e0\u10d8\u10d7 \u10d2\u10d0\u10dc\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8, \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8 \u10d0\u10e0 \u10d2\u10d0\u10db\u10dd\u10e0\u10d8\u10ea\u10ee\u10d0\u10d5\u10d4\u10dc, \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d3\u10d4\u10e1 \u10d6\u10e0\u10d3\u10d0 5.6%-\u10db\u10d3\u10d4. \u10e0\u10d8\u10e1\u10d8 \u10db\u10d7\u10d0\u10d5\u10d0\u10e0\u10d8 \u10db\u10d8\u10d6\u10d4\u10d6\u10d8\u10ea \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0: \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10db\u10d0\u10e6\u10d0\u10da\u10d8 \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8, \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d2\u10da\u10dd\u10d1\u10d0\u10da\u10e3\u10e0\u10d8 \u10d6\u10e0\u10d3\u10d0 \u10d3\u10d0 \u10e0\u10d4\u10d2\u10d8\u10dd\u10dc\u10d8\u10e1 \u10d4\u10e5\u10e1\u10de\u10dd\u10e0\u10e2\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0. \u10d7\u10e3\u10db\u10ea\u10d0, M\u10dd\u10e0\u10d2\u10d0\u10dc \u10e8\u10e2\u10d0\u10dc\u10da\u10d4\u10e7-\u10d8\u10e1 \u10d4\u10e5\u10e1\u10de\u10d4\u10e0\u10e2\u10d4\u10d1\u10d8 \u10e3\u10e4\u10e0\u10dd \u10dd\u10de\u10e2\u10d8\u10db\u10d8\u10e1\u10e2\u10e3\u10e0\u10d8 \u10e1\u10ea\u10d4\u10dc\u10d0\u10e0\u10d8\u10e1 \u10d0\u10e0\u10e1\u10d4\u10d1\u10dd\u10d1\u10d0\u10e1\u10d0\u10ea \u10d0\u10e0 \u10d2\u10d0\u10db\u10dd\u10e0\u10d8\u10ea\u10ee\u10d0\u10d5\u10d4\u10dc, \u10e0\u10dd\u10db\u10da\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7\u10d0\u10ea, \u10d0\u10e8\u10e8-\u10d8\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0\u10e8\u10d8 \u10d9\u10d4\u10e0\u10eb\u10dd \u10e1\u10d4\u10e5\u10e2\u10dd\u10e0\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10ee\u10d0\u10e0\u10ef\u10d6\u10d4 (\u10db\u10d0\u10d7\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10db\u10dd\u10da\u10dd\u10d3\u10d8\u10dc\u10d8\u10d7) \u10d3\u10d0 \u10d0\u10d2\u10e0\u10d4\u10d7\u10d5\u10d4, \u10d0\u10d6\u10d8\u10d0\u10e8\u10d8 \u10d3\u10d0\u10d2\u10d4\u10d2\u10db\u10d8\u10da\u10d8 \u10e0\u10d4\u10e4\u10dd\u10e0\u10db\u10d4\u10d1\u10d8\u10e1 \u10e1\u10ec\u10dd\u10e0\u10d0\u10d3 \u10d2\u10d0\u10dc\u10ee\u10dd\u10e0\u10ea\u10d8\u10d4\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8, \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 \u10e0\u10d4\u10d2\u10d8\u10dd\u10dc\u10e8\u10d8 \u10db\u10e8\u10de-\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d0\u10db 2014 \u10ec\u10da\u10d8\u10e1 \u10d1\u10dd\u10da\u10dd\u10e1\u10d7\u10d5\u10d8\u10e1 6.7%-\u10e1\u10d0\u10ea \u10db\u10d8\u10d0\u10e6\u10ec\u10d8\u10dd\u10e1. <\/p>\n

\"2\"<\/a><\/p>\n

\u10d1\u10dd\u10da\u10dd 30 \u10ec\u10da\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10d0\u10d5\u10da\u10dd\u10d1\u10d0\u10e8\u10d8 \u10e0\u10d4\u10d2\u10d8\u10dd\u10dc\u10d8\u10e1 \u10ec\u10d0\u10db\u10e7\u10d5\u10d0\u10dc \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0\u10e1 \u10e9\u10d8\u10dc\u10d4\u10d7\u10d8 \u10ec\u10d0\u10e0\u10db\u10dd\u10d0\u10d3\u10d2\u10d4\u10dc\u10d3\u10d0. \u10db\u10d8\u10e1\u10d8 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d1\u10d0 \u10d9\u10d8\u10d3\u10d4\u10d5 \u10e3\u10e4\u10e0\u10dd \u10d2\u10d0\u10d8\u10d6\u10e0\u10d3\u10d0 \u10d1\u10dd\u10da\u10dd 5 \u10ec\u10da\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10d0\u10d5\u10da\u10dd\u10d1\u10d0\u10e8\u10d8, \u10db\u10d0\u10e8\u10d8\u10dc \u10e0\u10dd\u10ea\u10d0 \u10d0\u10e8\u10e8-\u10d8\u10e1, \u10d4\u10d5\u10e0\u10dd\u10de\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10d8\u10d0\u10de\u10dd\u10dc\u10d8\u10d8\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d4\u10d1\u10d8 \u10e6\u10e0\u10db\u10d0 \u10d9\u10e0\u10d8\u10d6\u10d8\u10e1\u10e1 \u10d2\u10d0\u10dc\u10d8\u10ea\u10d3\u10d8\u10d3\u10d0, \u10e9\u10d8\u10dc\u10d4\u10d7\u10d8\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0 \u10d6\u10e0\u10d3\u10d0\u10e1 \u10d2\u10d0\u10dc\u10d0\u10d2\u10e0\u10eb\u10dd\u10d1\u10d3\u10d0 \u10d3\u10d0 \u10d0\u10e0\u10d0 \u10db\u10ee\u10dd\u10da\u10dd\u10d3 \u10e0\u10d4\u10d2\u10d8\u10dd\u10dc\u10d8\u10e1, \u10d0\u10e0\u10d0\u10db\u10d4\u10d3 \u10db\u10e1\u10dd\u10e4\u10da\u10d8\u10dd\u10e1 \u10d4\u10e0\u10d7-\u10d4\u10e0\u10d7 \u10e3\u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d4\u10e1 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d0\u10d3 \u10d8\u10e5\u10ea\u10d0. \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10e9\u10d8\u10dc\u10d4\u10d7\u10d8\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0 \u10ef\u10d0\u10ed\u10d5\u10e3\u10e0 \u10e0\u10d4\u10d0\u10e5\u10ea\u10d8\u10d0\u10e1 \u10d2\u10d0\u10db\u10dd\u10d8\u10ec\u10d5\u10d4\u10d5\u10e1 \u10e0\u10d4\u10d2\u10d8\u10dd\u10dc\u10e8\u10d8. \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d7\u10d0 \u10d5\u10d0\u10e0\u10d0\u10e3\u10d3\u10d8\u10d7, \u10ee\u10d8\u10e1\u10e2\u10d8 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10de\u10dd\u10da\u10d8\u10e2\u10d8\u10d9\u10d0 \u10e9\u10d8\u10dc\u10d4\u10d7\u10e1 \u10e8\u10d8\u10d3\u10d0 \u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10dc\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0\u10db\u10d3\u10d4 \u10db\u10d8\u10d8\u10e7\u10d5\u10d0\u10dc\u10e1, \u10e0\u10d0\u10ea \u10db\u10d7\u10da\u10d8\u10d0\u10dc\u10d0\u10d3 \u10e0\u10d4\u10d2\u10d8\u10dd\u10dc\u10d8\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10e3\u10e0\u10d8 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10de\u10d4\u10e0\u10e1\u10de\u10d4\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10d6\u10d4 \u10e3\u10d0\u10e0\u10e7\u10dd\u10e4\u10d8\u10d7\u10d0\u10d3 \u10d0\u10d8\u10e1\u10d0\u10ee\u10d4\u10d1\u10d0, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10dc\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0 \u10d2\u10d0\u10db\u10dd\u10d8\u10ec\u10d5\u10d4\u10d5\u10e1 \u10d8\u10db\u10de\u10dd\u10e0\u10e2\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0\u10e1, \u10e0\u10d0\u10ea, \u10d7\u10d0\u10d5\u10d8\u10e1 \u10db\u10ee\u10e0\u10d8\u10d5, \u10db\u10d0\u10d7\u10d8 \u10e1\u10d0\u10d4\u10e5\u10e1\u10de\u10dd\u10e0\u10e2\u10dd \u10de\u10d0\u10e0\u10e2\u10dc\u10d8\u10dd\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d0\u10e5\u10e2\u10d8\u10d5\u10dd\u10d1\u10d0\u10e1\u10d0\u10ea \u10e8\u10d4\u10d0\u10dc\u10d4\u10da\u10d4\u10d1\u10e1. \u10e9\u10d8\u10dc\u10d4\u10d7\u10d6\u10d4 \u10d3\u10d0\u10db\u10dd\u10d9\u10d8\u10d3\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10db\u10ee\u10e0\u10d8\u10d5, \u10d2\u10d0\u10dc\u10e1\u10d0\u10d9\u10e3\u10d7\u10e0\u10d4\u10d1\u10d8\u10d7 \u10d2\u10d0\u10db\u10dd\u10d8\u10e0\u10e9\u10d4\u10d5\u10d8\u10d0\u10dc \u10e2\u10d0\u10d8\u10d5\u10d0\u10dc\u10d8, \u10e1\u10d0\u10db\u10ee\u10e0\u10d4\u10d7 \u10d9\u10dd\u10e0\u10d4\u10d0 \u10d3\u10d0 \u10e1\u10d8\u10dc\u10d2\u10d0\u10de\u10e3\u10e0\u10d8. \u10e9\u10d8\u10dc\u10d4\u10d7\u10d8\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0 \u10d0\u10e1\u10d4\u10d5\u10d4 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0\u10e1 \u10db\u10dd\u10d0\u10ee\u10d3\u10d4\u10dc\u10e1 \u10f0\u10dd\u10dc-\u10d9\u10dd\u10dc\u10d2\u10d6\u10d4, \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10e0\u10d4\u10d2\u10d8\u10dd\u10dc\u10d8\u10e1 \u10e1\u10d0\u10d5\u10d0\u10ed\u10e0\u10dd \u10f0\u10d0\u10d1\u10d6\u10d4. \u10d0\u10db\u10d0\u10e1\u10d7\u10d0\u10dc\u10d0\u10d5\u10d4, \u10e9\u10d8\u10dc\u10d4\u10d7\u10d8\u10e1 \u10db\u10e1\u10dd\u10e4\u10da\u10d8\u10dd\u10e1 \u10d4\u10e0\u10d7-\u10d4\u10e0\u10d7\u10d8 \u10db\u10d7\u10d0\u10d5\u10d0\u10e0\u10d8 \u10db\u10dd\u10dc\u10d0\u10ec\u10d8\u10da\u10d4\u10d0 \u10e1\u10d0\u10db\u10dd\u10db\u10ee\u10db\u10d0\u10e0\u10d4\u10d1\u10da\u10dd \u10e1\u10d0\u10e5\u10dd\u10dc\u10da\u10d8\u10e1 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d6\u10d4, \u10db\u10d8\u10e1\u10d8 \u10db\u10ee\u10e0\u10d8\u10d3\u10d0\u10dc \u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10dc\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0 \u10d2\u10d0\u10db\u10dd\u10d8\u10ec\u10d5\u10d4\u10d5\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0\u10e1, \u10e0\u10d0\u10ea \u10d0\u10e1\u10d4\u10d5\u10d4 \u10d3\u10d0\u10d0\u10d6\u10d8\u10d0\u10dc\u10d4\u10d1\u10e1 \u10db\u10d0\u10da\u10d0\u10d8\u10d6\u10d8\u10d0\u10e1\u10d0 \u10d3\u10d0 \u10d8\u10dc\u10d3\u10dd\u10dc\u10d4\u10d6\u10d8\u10d0\u10e1, \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10e1\u10d0\u10db\u10dd\u10db\u10ee\u10db\u10d0\u10e0\u10d4\u10d1\u10da\u10dd \u10e1\u10d0\u10e5\u10dd\u10dc\u10da\u10d8\u10e1 \u10db\u10d7\u10d0\u10d5\u10d0\u10e0 \u10d4\u10e5\u10e1\u10de\u10dd\u10e0\u10e2\u10d8\u10dd\u10e0\u10d4\u10d1\u10e1 \u10e0\u10d4\u10d2\u10d8\u10dd\u10dc\u10e8\u10d8. <\/p>\n

\u10d0\u10e8\u10e8-\u10d8\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0<\/strong><\/p>\n

Morgan Stanley-\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7, \u10d0\u10e8\u10e8-\u10d8\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0\u10e1 2014-15 \u10ec\u10da\u10d4\u10d1\u10e8\u10d8 \u10e3\u10d9\u10d4\u10d7\u10d4\u10e1\u10d8 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10e3\u10e0\u10d8 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8 \u10d4\u10da\u10d8\u10e1. \u10ec\u10d4\u10da\u10e1 \u10d0\u10e8\u10e8-\u10d8\u10e1 \u10db\u10e8\u10de-\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d0 1.6%-\u10d8\u10d0\u10dc\u10d8 \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0, 2014 \u10ec\u10d4\u10da\u10e1 2.6%, \u10ee\u10dd\u10da\u10dd 2015 \u10ec\u10d4\u10da\u10e1 2.7%. ”\u10db\u10d7\u10d0\u10d5\u10e0\u10dd\u10d1\u10d8\u10e1 \u10de\u10dd\u10da\u10d8\u10e2\u10d8\u10d9\u10d0\u10db \u10e8\u10d4\u10eb\u10da\u10dd \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1 \u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8 \u10e2\u10d0\u10da\u10e6\u10d8\u10e1 \u10e8\u10d4\u10d9\u10d0\u10d5\u10d4\u10d1\u10d0. \u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10dc\u10d0 \u10d8\u10d6\u10e0\u10d3\u10d4\u10d1\u10d0 \u10d3\u10d0 \u10d0\u10db \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d8\u10d7 \u10e3\u10dc\u10d3\u10d0 \u10d5\u10d4\u10da\u10dd\u10d3\u10dd\u10d7 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d0\u10e1” – \u10ec\u10d4\u10e0\u10d4\u10dc \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8. <\/p>\n

\u10d6\u10e0\u10d3\u10d0\u10e1 \u10dd\u10d7\u10ee\u10d8 \u10e4\u10e3\u10dc\u10d3\u10d0\u10db\u10d4\u10dc\u10e2\u10d0\u10da\u10e3\u10e0\u10d8 \u10e4\u10d0\u10e5\u10e2\u10dd\u10e0\u10d8 \u10d2\u10d0\u10dc\u10d0\u10de\u10d8\u10e0\u10dd\u10d1\u10d4\u10d1\u10e1. 2007-08 \u10ec\u10da\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10db\u10d0 \u10d9\u10e0\u10d8\u10d6\u10d8\u10e1\u10db\u10d0 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10e3\u10e0 \u10d0\u10e5\u10e2\u10d8\u10d5\u10dd\u10d1\u10d0\u10e1 \u10d3\u10d8\u10d3\u10d8 \u10d1\u10dd\u10e0\u10d9\u10d8\u10da\u10d8 \u10d3\u10d0\u10d0\u10d3\u10dd \u10d3\u10d0 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10e3\u10e0\u10d8 \u10d6\u10e0\u10d3\u10d0 \u10e8\u10d4\u10d0\u10e4\u10d4\u10e0\u10ee\u10d0. \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10db\u10d0\u10d7\u10d0\u10d5\u10e0\u10dd\u10d1\u10d8\u10e1 \u10db\u10d8\u10d4\u10e0 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2 \u10d2\u10d0\u10d3\u10d0\u10d3\u10d2\u10db\u10e3\u10da\u10db\u10d0 \u10dc\u10d0\u10d1\u10d8\u10ef\u10d4\u10d1\u10db\u10d0 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e4\u10ee\u10d8\u10d6\u10da\u10d4\u10d1\u10d0 \u10d3\u10d0\u10d8\u10ec\u10e7\u10dd. \u10d0\u10db\u10d0\u10e1\u10d7\u10d0\u10dc\u10d0\u10d5\u10d4, \u10d9\u10d5\u10da\u10d0\u10d5\u10e1 \u10d8\u10e1\u10db\u10d8\u10e1 \u10e4\u10d4\u10d3\u10d4\u10e0\u10d0\u10da\u10e3\u10e0 \u10d3\u10dd\u10dc\u10d4\u10d6\u10d4 \u10e4\u10d8\u10e1\u10d9\u10d0\u10da\u10e3\u10e0\u10d8 \u10d9\u10dd\u10dc\u10e1\u10dd\u10da\u10d8\u10d3\u10d0\u10ea\u10d8\u10d8\u10e1 ”\u10ee\u10db\u10d0”, \u10d7\u10e3\u10db\u10ea\u10d0, \u10d8\u10e5\u10d5\u10d4\u10d0 ”\u10e9\u10d0\u10e1\u10d0\u10e4\u10e0\u10d4\u10d1\u10e3\u10da\u10d8” \u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10dd \u10e1\u10d4\u10d9\u10d5\u10d4\u10e1\u10e2\u10e0\u10d8\u10e1 \u10e8\u10d8\u10e8\u10d8. \u10d7\u10e3\u10db\u10ea\u10d0, \u10d9\u10d4\u10d7\u10d8\u10da\u10d3\u10e6\u10d4\u10dd\u10d1\u10d8\u10e1 \u10d3\u10dd\u10dc\u10d8\u10e1 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10dc\u10d0\u10d3 \u10d6\u10e0\u10d3\u10d0 \u10d2\u10d0\u10dc\u10d0\u10de\u10d8\u10e0\u10dd\u10d1\u10d0 \u10d0\u10e5\u10ea\u10d8\u10d0\u10d7\u10d0 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d0\u10db, \u10e0\u10d0\u10ea \u10e8\u10d8\u10d3\u10d0 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d6\u10d4 \u10d0\u10d8\u10e1\u10d0\u10ee\u10d0. \u10d0\u10db\u10d0\u10e1\u10d7\u10d0\u10dc\u10d0\u10d5\u10d4, \u10db\u10dd\u10db\u10d0\u10d5\u10d0\u10da \u10ec\u10d4\u10da\u10e1 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10e1 \u10db\u10dd\u10e3\u10ec\u10d4\u10d5\u10d7 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10e3\u10e0\u10d8 \u10d3\u10d0\u10dc\u10d0\u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d0, \u10d7\u10e3\u10db\u10ea\u10d0 \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10e1 \u10d3\u10d0\u10db\u10e8\u10d5\u10d8\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10d4\u10d1\u10d0\u10e1 \u10d8\u10e1 \u10d0\u10eb\u10da\u10d4\u10d5\u10e1, \u10e0\u10dd\u10db \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8 \u10ec\u10d8\u10dc\u10d0 \u10ec\u10da\u10d4\u10d1\u10e8\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1\u10d0\u10d2\u10d0\u10dc \u10d7\u10d0\u10d5\u10e1 \u10d8\u10d9\u10d0\u10d5\u10d4\u10d1\u10d3\u10dc\u10d4\u10dc \u10d3\u10d0 \u10db\u10d0\u10d7 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10d8 \u10e1\u10d0\u10d9\u10db\u10d0\u10e0\u10d8\u10e1\u10d0\u10d3 \u10d0\u10e5\u10d5\u10d7.<\/p>\n

\u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8 \u10d0\u10e1\u10d4\u10d5\u10d4 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10d4\u10dc, \u10e3\u10db\u10e3\u10e8\u10d4\u10d5\u10e0\u10dd\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0\u10e1, 2014 \u10ec\u10da\u10d8\u10e1 \u10d1\u10dd\u10da\u10dd\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 6.5%, \u10ee\u10dd\u10da\u10dd 2015 \u10ec\u10da\u10d8\u10e1 \u10e8\u10e3\u10d0 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 – 6%-\u10db\u10d3\u10d4.
\n\u10d0\u10e8\u10e8-\u10d8\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d8\u10e1 \u10d2\u10d0\u10ef\u10d0\u10dc\u10e1\u10d0\u10e6\u10d4\u10d1\u10d0 \u10db\u10e1\u10dd\u10e4\u10da\u10d8\u10dd \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1\u10d0\u10ea \u10dd\u10de\u10e2\u10d8\u10db\u10d8\u10e1\u10e2\u10e3\u10e0\u10d8 \u10e1\u10d8\u10d2\u10dc\u10d0\u10da\u10d8\u10d0. Morgan Stanley-\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7, 2013 \u10ec\u10da\u10d8\u10e1 3%-\u10d8\u10d0\u10dc\u10d8 \u10d6\u10e0\u10d3\u10d8\u10d3\u10d0\u10dc \u10db\u10e1\u10dd\u10e4\u10da\u10d8\u10dd \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0 2014 \u10ec\u10d4\u10da\u10e1 3.5%-\u10d8\u10d7 \u10d2\u10d0\u10d8\u10d6\u10e0\u10d3\u10d4\u10d1\u10d0, \u10d0\u10db\u10d8\u10e1 \u10db\u10d7\u10d0\u10d5\u10d0\u10e0\u10d8 \u10ec\u10d8\u10dc\u10d0\u10de\u10d8\u10e0\u10dd\u10d1\u10d0 \u10d9\u10d8 \u10d0\u10e8\u10e8-\u10e1\u10d7\u10d0\u10dc \u10d4\u10e0\u10d7\u10d0\u10d3 \u10d8\u10e1 \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0, \u10e0\u10dd\u10db \u10d4\u10d5\u10e0\u10dd\u10d6\u10dd\u10dc\u10d0 \u10e0\u10d4\u10ea\u10d4\u10e1\u10d8\u10d8\u10d3\u10d0\u10dc \u10d2\u10d0\u10db\u10dd\u10d3\u10d8\u10e1, \u10e9\u10d8\u10dc\u10d4\u10d7\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10e1\u10ee\u10d5\u10d0 \u10d2\u10d0\u10dc\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10e1 \u10db\u10d3\u10d2\u10dd\u10db\u10d0\u10e0\u10d4\u10dd\u10d1\u10d0 \u10d9\u10d8 \u10dc\u10d4\u10da-\u10dc\u10d4\u10da\u10d0 \u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10d8 \u10ee\u10d3\u10d4\u10d1\u10d0. \u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10d8\u10d0 \u10d3\u10d8\u10d3\u10d8 \u10d1\u10e0\u10d8\u10e2\u10d0\u10dc\u10d4\u10d7\u10d8\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10e1\u10d0\u10d4\u10e0\u10d7\u10dd \u10d2\u10d0\u10dc\u10ec\u10e7\u10dd\u10d1\u10d0\u10e1 \u10d0\u10e4\u10e3\u10ed\u10d4\u10d1\u10e1 \u10d8\u10d0\u10de\u10dd\u10dc\u10d8\u10d0, \u10e0\u10dd\u10db\u10da\u10d8\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0\u10ea \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d3\u10d0, \u10d0\u10de\u10e0\u10d8\u10da\u10e8\u10d8 \u10d2\u10d0\u10d6\u10e0\u10d3\u10d8\u10da\u10d8 \u10e1\u10d0\u10d5\u10d0\u10ed\u10e0\u10dd \u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd.<\/p>\n

\u10d0\u10d6\u10d8\u10d8\u10e1 \u10d2\u10d0\u10dc\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8 \u10d3\u10d0 \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd<\/strong><\/p>\n

2014 \u10ec\u10da\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10e1 \u10d0\u10d6\u10d8\u10d8\u10e1 \u10d2\u10d0\u10dc\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d1\u10d0\u10dc\u10d9\u10d8\u10ea \u10d0\u10e5\u10d5\u10d4\u10e7\u10dc\u10d4\u10d1\u10e1. \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e1 \u10e8\u10d4\u10e1\u10d0\u10ee\u10d4\u10d1 \u10e1\u10d0\u10e3\u10d1\u10d0\u10e0\u10e1 \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8 \u10d2\u10d0\u10e1\u10e3\u10da\u10d8 \u10ec\u10da\u10d8\u10e1 \u10db\u10dd\u10d9\u10da\u10d4 \u10e8\u10d4\u10ef\u10d0\u10db\u10d4\u10d1\u10d8\u10d7 \u10d8\u10ec\u10e7\u10d4\u10d1\u10d4\u10dc \u10d3\u10d0 \u10d0\u10e6\u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10d4\u10dc, \u10e0\u10dd\u10db 2013 \u10ec\u10da\u10d8\u10e1 \u10de\u10d8\u10e0\u10d5\u10d4\u10da 7 \u10d7\u10d5\u10d4\u10e8\u10d8 \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e1 \u10db\u10e8\u10de-\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d0\u10db \u10db\u10ee\u10dd\u10da\u10dd\u10d3 1.7% \u10e8\u10d4\u10d0\u10d3\u10d2\u10d8\u10dc\u10d0, \u10e0\u10d0\u10e1\u10d0\u10ea \u10e0\u10d0\u10db\u10d3\u10d4\u10dc\u10d8\u10db\u10d4 \u10e4\u10d0\u10e5\u10e2\u10dd\u10e0\u10d8 \u10d2\u10d0\u10dc\u10d0\u10de\u10d8\u10e0\u10dd\u10d1\u10d4\u10d1\u10d3\u10d0 – \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0, \u10e0\u10d0\u10ea \u10d7\u10d0\u10d5\u10d8\u10e1 \u10db\u10ee\u10e0\u10d8\u10d5, \u10de\u10dd\u10da\u10d8\u10e2\u10d8\u10d9\u10e3\u10e0\u10d8 \u10e2\u10e0\u10d0\u10dc\u10e1\u10e4\u10dd\u10e0\u10db\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d4\u10e2\u10d0\u10de\u10db\u10d0 \u10d2\u10d0\u10db\u10dd\u10d8\u10ec\u10d5\u10d8\u10d0; \u10db\u10e1\u10ee\u10d5\u10d8\u10da\u10d8 \u10d8\u10dc\u10e4\u10e0\u10d0\u10e1\u10e2\u10e0\u10e3\u10e5\u10e2\u10e3\u10e0\u10e3\u10da\u10d8 \u10de\u10e0\u10dd\u10d4\u10e5\u10e2\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e9\u10d4\u10e0\u10d4\u10d1\u10d0; \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10e8\u10d8\u10d3\u10d0 \u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10dc\u10d0; \u10d2\u10da\u10dd\u10d1\u10d0\u10da\u10e3\u10e0\u10d8 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10e3\u10e0\u10d8 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10e8\u10d4\u10dc\u10d4\u10da\u10d4\u10d1\u10d0 \u10d3\u10d0 \u10d1\u10dd\u10da\u10dd\u10e1, \u10e1\u10d0\u10db\u10e8\u10d4\u10dc\u10d4\u10d1\u10da\u10dd \u10e1\u10d4\u10e5\u10e2\u10dd\u10e0\u10d8\u10e1 \u10d7\u10d8\u10d7\u10e5\u10db\u10d8\u10e1 9%-\u10d8\u10d0\u10dc\u10d8 \u10d5\u10d0\u10e0\u10d3\u10dc\u10d0. <\/p>\n

\u10d0\u10db \u10e4\u10d0\u10e5\u10e2\u10dd\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d8\u10d7, \u10d0\u10d6\u10d8\u10d8\u10e1 \u10d2\u10d0\u10dc\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d1\u10d0\u10dc\u10d9\u10db\u10d0 \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10e3\u10e0\u10d8 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8 \u10ef\u10d4\u10e0 2013 \u10ec\u10da\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10e8\u10d4\u10d0\u10db\u10ea\u10d8\u10e0\u10d0 5.5%-\u10d3\u10d0\u10dc 3%-\u10db\u10d3\u10d4, \u10e8\u10d4\u10db\u10d3\u10d4\u10d2 \u10d9\u10d8 2014 \u10ec\u10da\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10ea – 6%-\u10d3\u10d0\u10dc 5.5%-\u10db\u10d3\u10d4. 2013 \u10ec\u10d4\u10da\u10d7\u10d0\u10dc \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10d7 2014 \u10ec\u10d4\u10da\u10e1 \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d7\u10d0 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7, \u10d6\u10e0\u10d3\u10d8\u10e1 \u10db\u10d7\u10d0\u10d5\u10d0\u10e0\u10d8 \u10d9\u10d0\u10e2\u10d0\u10da\u10d8\u10d6\u10d0\u10e2\u10dd\u10e0\u10d8 \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0 \u10e1\u10dd\u10e4\u10da\u10d8\u10e1 \u10db\u10d4\u10e3\u10e0\u10dc\u10d4\u10dd\u10d1\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10e1\u10d0\u10d9\u10d5\u10d4\u10d1\u10d8 \u10de\u10e0\u10dd\u10d3\u10e3\u10e5\u10e2\u10d4\u10d1\u10d8\u10e1 \u10db\u10ec\u10d0\u10e0\u10db\u10dd\u10d4\u10d1\u10d4\u10da\u10d8 \u10e1\u10d4\u10e5\u10e2\u10dd\u10e0\u10d4\u10d1\u10d8, \u10db\u10dd\u10db\u10e1\u10d0\u10ee\u10e3\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d4\u10e5\u10e2\u10dd\u10e0\u10d8 \u10d3\u10d0 \u10db\u10d6\u10d0\u10e0\u10d3\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10d4\u10d1\u10d8.
\n\u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10db\u10d8\u10db\u10dd\u10ee\u10d8\u10da\u10d5\u10d0\u10e8\u10d8 \u10d0\u10e1\u10d4\u10d5\u10d4 \u10e1\u10d0\u10e3\u10d1\u10d0\u10e0\u10d8\u10d0, \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d3\u10d0\u10d1\u10d0\u10da\u10d8 \u10d3\u10dd\u10dc\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10e0\u10d0\u10db\u10d3\u10d4\u10dc\u10d8\u10db\u10d4 \u10d7\u10d5\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10d0\u10d5\u10da\u10dd\u10d1\u10d0\u10e8\u10d8 \u10d3\u10d0\u10e4\u10d8\u10e5\u10e1\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d3\u10d4\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e3\u10d0\u10e0\u10e7\u10dd\u10e4\u10d8\u10d7\u10d8 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10ee\u10d4\u10d1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0\u10d6\u10d4. \u10d9\u10d5\u10da\u10d4\u10d5\u10d8\u10e1 \u10d0\u10d5\u10e2\u10dd\u10e0\u10d4\u10d1\u10d8 \u10d2\u10d0\u10db\u10dd\u10d7\u10e5\u10d5\u10d0\u10db\u10d4\u10dc \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10e1, \u10e0\u10dd\u10db \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e1 \u10ea\u10d4\u10dc\u10e2\u10e0\u10d0\u10da\u10e3\u10e0\u10d8 \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10db\u10d8\u10d4\u10e0 \u10d2\u10d0\u10e2\u10d0\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10e6\u10dd\u10dc\u10d8\u10e1\u10eb\u10d8\u10d4\u10d1\u10d4\u10d1\u10d8 \u10e1\u10d0\u10e1\u10e3\u10e0\u10d5\u10d4\u10da \u10e8\u10d4\u10d3\u10d4\u10d2\u10e1 \u10d2\u10d0\u10db\u10dd\u10d8\u10ec\u10d5\u10d4\u10d5\u10e1 \u10d3\u10d0 \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e1\u10d0\u10db\u10d8\u10d6\u10dc\u10d4 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10e1 \u10db\u10d8\u10d0\u10e6\u10ec\u10d4\u10d5\u10e1, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10e1\u10d0\u10ed\u10d8\u10e0\u10dd\u10d0 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10e1\u10e2\u10d8\u10db\u10e3\u10da\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1. 2014 \u10ec\u10da\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10d0\u10d6\u10d8\u10d8\u10e1 \u10d2\u10d0\u10dc\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7, \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1 \u10dc\u10d8\u10e8\u10dc\u10e3\u10da\u10d8 4%-\u10e1 \u10db\u10d8\u10d0\u10e6\u10ec\u10d4\u10d5\u10e1.<\/p>\n

\"3\"<\/a><\/p>\n

\u10d1\u10d0\u10dc\u10d9\u10d8 \u10d0\u10e1\u10d4\u10d5\u10d4 \u10d5\u10d0\u10e0\u10d0\u10e3\u10d3\u10dd\u10d1\u10e1, \u10e1\u10d0\u10d5\u10d0\u10ed\u10e0\u10dd \u10d3\u10d4\u10e4\u10d8\u10ea\u10d8\u10e2\u10d8\u10e1 2013 \u10ec\u10d4\u10da\u10e1 \u10d3\u10d0\u10ec\u10e7\u10d4\u10d1\u10e3\u10da\u10d8 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e2\u10d4\u10dc\u10d3\u10d4\u10dc\u10ea\u10d8\u10d8\u10e1 2014 \u10ec\u10d4\u10da\u10e1 \u10d2\u10d0\u10d2\u10e0\u10eb\u10d4\u10da\u10d4\u10d1\u10d0\u10e1\u10d0\u10ea. 2013 \u10ec\u10da\u10d8\u10e1 \u10de\u10d8\u10e0\u10d5\u10d4\u10da \u10dc\u10d0\u10ee\u10d4\u10d5\u10d0\u10e0\u10e8\u10d8 \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10d3\u10d0\u10dc \u10d4\u10e5\u10e1\u10de\u10dd\u10e0\u10e2\u10d8 8.6%-\u10d8\u10d7 \u10d2\u10d0\u10d8\u10d6\u10e0\u10d3\u10d0, \u10db\u10d0\u10e8\u10d8\u10dc \u10e0\u10dd\u10ea\u10d0 \u10d8\u10db\u10de\u10dd\u10e0\u10e2\u10d8 6.6%-\u10d8\u10d7 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d3\u10d0. 2013 \u10ec\u10da\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10e1\u10d0\u10d5\u10d0\u10ed\u10e0\u10dd \u10d3\u10d4\u10e4\u10d8\u10ea\u10d8\u10e2\u10d8 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d8\u10e1 \u10db\u10e8\u10de-\u10d8\u10e1 10.1%-\u10d8\u10d7 \u10d2\u10d0\u10dc\u10d8\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10d0, 2014 \u10ec\u10da\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10d9\u10d8 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d8 10%-\u10e1 \u10e8\u10d4\u10d0\u10d3\u10d2\u10d4\u10dc\u10e1. \u10e0\u10d0\u10ea \u10e8\u10d4\u10d4\u10ee\u10d4\u10d1\u10d0 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d8\u10e1 \u10e1\u10d0\u10d2\u10d0\u10e0\u10d4\u10dd \u10d5\u10d0\u10da\u10e1, \u10d8\u10e1 \u10db\u10e8\u10de-\u10d8\u10e1 63%-\u10d8\u10d7 \u10d2\u10d0\u10dc\u10d8\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10d4\u10d1\u10d0 – \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10e1 \u10d0\u10d6\u10d8\u10d8\u10e1 \u10d2\u10d0\u10dc\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d1\u10d0\u10dc\u10d9\u10d8. <\/p>\n","protected":false},"excerpt":{"rendered":"

\u10db\u10d0\u10d9\u10d0 \u10e6\u10d0\u10dc\u10d8\u10d0\u10e8\u10d5\u10d8\u10da\u10d8 Morgan Stanley \u10d7\u10d0\u10d5\u10d8\u10e1 \u10e7\u10dd\u10d5\u10d4\u10da\u10ec\u10da\u10d8\u10e3\u10e0 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10e1 2014-15 \u10ec\u10da\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10d0\u10e5\u10ea\u10d8\u10d0\u10d7\u10d0 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d6\u10d4 \u10d0\u10e0\u10e1\u10d4\u10d1\u10e3\u10da\u10d8 ”\u10d1\u10e3\u10e8\u10e2\u10d4\u10d1\u10d8\u10e1” \u10e8\u10d4\u10e1\u10d0\u10ee\u10d4\u10d1 \u10e1\u10d0\u10e3\u10d1\u10e0\u10d8\u10d7 \u10d8\u10ec\u10e7\u10d4\u10d1\u10e1 \u10d3\u10d0 \u10d0\u10e6\u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10e1, \u10e0\u10dd\u10db \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"yoast_head":"\n\u10db\u10e1\u10dd\u10e4\u10da\u10d8\u10dd \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0 \u10d0\u10ee\u10d0\u10da \u10e4\u10d0\u10d6\u10d0\u10e8\u10d8 \u10e8\u10d4\u10d3\u10d8\u10e1 - \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/geoeconomics.ge\/?p=6635\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u10db\u10e1\u10dd\u10e4\u10da\u10d8\u10dd \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0 \u10d0\u10ee\u10d0\u10da \u10e4\u10d0\u10d6\u10d0\u10e8\u10d8 \u10e8\u10d4\u10d3\u10d8\u10e1 - \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0\" \/>\n<meta property=\"og:description\" content=\"\u10db\u10d0\u10d9\u10d0 \u10e6\u10d0\u10dc\u10d8\u10d0\u10e8\u10d5\u10d8\u10da\u10d8 Morgan Stanley \u10d7\u10d0\u10d5\u10d8\u10e1 \u10e7\u10dd\u10d5\u10d4\u10da\u10ec\u10da\u10d8\u10e3\u10e0 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10e1 2014-15 \u10ec\u10da\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10d0\u10e5\u10ea\u10d8\u10d0\u10d7\u10d0 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d6\u10d4 \u10d0\u10e0\u10e1\u10d4\u10d1\u10e3\u10da\u10d8 ”\u10d1\u10e3\u10e8\u10e2\u10d4\u10d1\u10d8\u10e1” \u10e8\u10d4\u10e1\u10d0\u10ee\u10d4\u10d1 \u10e1\u10d0\u10e3\u10d1\u10e0\u10d8\u10d7 \u10d8\u10ec\u10e7\u10d4\u10d1\u10e1 \u10d3\u10d0 \u10d0\u10e6\u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10e1, \u10e0\u10dd\u10db \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd\" \/>\n<meta property=\"og:url\" content=\"https:\/\/geoeconomics.ge\/?p=6635\" \/>\n<meta property=\"og:site_name\" content=\"\u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0\" \/>\n<meta property=\"article:published_time\" content=\"2014-01-15T09:25:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2014-03-10T08:57:05+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/geoeconomics.ge\/wp-content\/uploads\/2014\/01\/1.jpg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\">\n\t<meta name=\"twitter:data1\" content=\"1 minute\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/geoeconomics.ge\/#website\",\"url\":\"https:\/\/geoeconomics.ge\/\",\"name\":\"\\u10e1\\u10d0\\u10e5\\u10d0\\u10e0\\u10d7\\u10d5\\u10d4\\u10da\\u10dd\\u10e1 \\u10d4\\u10d9\\u10dd\\u10dc\\u10dd\\u10db\\u10d8\\u10d9\\u10d0\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/geoeconomics.ge\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/geoeconomics.ge\/?p=6635#primaryimage\",\"inLanguage\":\"en-GB\",\"url\":\"http:\/\/geoeconomics.ge\/wp-content\/uploads\/2014\/01\/1.jpg\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/geoeconomics.ge\/?p=6635#webpage\",\"url\":\"https:\/\/geoeconomics.ge\/?p=6635\",\"name\":\"\\u10db\\u10e1\\u10dd\\u10e4\\u10da\\u10d8\\u10dd \\u10d4\\u10d9\\u10dd\\u10dc\\u10dd\\u10db\\u10d8\\u10d9\\u10d0 \\u10d0\\u10ee\\u10d0\\u10da \\u10e4\\u10d0\\u10d6\\u10d0\\u10e8\\u10d8 \\u10e8\\u10d4\\u10d3\\u10d8\\u10e1 - 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