IMF predicts slowdown in S Caucasus states
The International Monetary Fund has predicted that
the global economic crisis will affect South Caucasus states, along
with causing problems for other countries.
Economic growth in both South Caucasus and Central Asia will slow down in 2009 in comparison with 2008, the group estimates.
Masood Ahmed, Director of the IMF Middle East and Central Asia Department, says that the average growth of 6% posted across the region last year will go down to 2% in 2009 due to the economic crunch and falling prices for energy resources in world markets.
In addition to that, the slowdown observed in Russia, a key trading partner for the region`s economies, will adversely affect economic development in the South Caucasus and Central Asian states. Experts forecast that these countries will be increasingly prone to the global meltdown, with the greatest impact to be sensed by the states heavily dependent on the largest former Soviet republic.
Economic growth in both South Caucasus and Central Asia will slow down in 2009 in comparison with 2008, the group estimates.
Masood Ahmed, Director of the IMF Middle East and Central Asia Department, says that the average growth of 6% posted across the region last year will go down to 2% in 2009 due to the economic crunch and falling prices for energy resources in world markets.
In addition to that, the slowdown observed in Russia, a key trading partner for the region`s economies, will adversely affect economic development in the South Caucasus and Central Asian states. Experts forecast that these countries will be increasingly prone to the global meltdown, with the greatest impact to be sensed by the states heavily dependent on the largest former Soviet republic.
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