EDB researchers state an economic slowdown in CIS countries caused by the political crisis around Ukraine
Almaty, 16 October 2014. In Q2 of 2014 the GDP growth in CIS countries continued to go down and reached 0.9% year-on-year. This conclusion is made in the new issue of The CIS Macromonitor published by the Research Department of Eurasian Development Bank (EDB).
The report states that the key factor beyond the economic slowdown in the CIS was the political crisis around Ukraine. The resulting drastic growth in uncertainty, the outflow of capital from the region, and exchange rate fluctuations affected consumption and investment. As a result, the economic indicators of all the three groups of CIS countries (oil and gas exporters, labour exporters, and countries with diversified exports) worsened.
The growth in Azerbaijan’s GDP slowed down in the first six months and was 2.1% compared year-on-year. The recession in the oil and gas sector continued, although to a lesser extent: 3.9% in Q2 compared to 4.1% in Q1. Non-oil and gas ...16 October, 2014