Global crunch taking toll on Caucasus economies: ADB
The global economic crisis has considerably affected
the economies of the Caucasus and Central Asia regions, causing a
reduction in trade with Russia and migrants` money transfers in the
country, the Asian Development Bank estimates.
The ADB said in its report released Tuesday that, despite the demand for oil and gas in world markets, the Gross Domestic Product (GDP) growth predicted in resource-rich Azerbaijan was only 3% instead of the projected 8%.
The bank termed Georgia and Armenia - the other two South Caucasus republics - as well as Kazakhstan as the states affected by the economic downturn the most, while Turkmenistan and Uzbekistan, whose economies are largely shut to outside influence, as the countries sustaining the least impact.
In Armenia, the GDP will decrease 9.9% by the end of 2009, the ADB experts estimated, though they had predicted a 0.5% growth in the country prior to the outbreak of the world crisis.
The ADB said in its report released Tuesday that, despite the demand for oil and gas in world markets, the Gross Domestic Product (GDP) growth predicted in resource-rich Azerbaijan was only 3% instead of the projected 8%.
The bank termed Georgia and Armenia - the other two South Caucasus republics - as well as Kazakhstan as the states affected by the economic downturn the most, while Turkmenistan and Uzbekistan, whose economies are largely shut to outside influence, as the countries sustaining the least impact.
In Armenia, the GDP will decrease 9.9% by the end of 2009, the ADB experts estimated, though they had predicted a 0.5% growth in the country prior to the outbreak of the world crisis.
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