RUSSIA NO LONGER LEADING TRADE PARTNER IN REGION BECAUSE OF ECONOMIC CRISIS
ArmInfo
2009-05-11 17:16:00
ArmInfo. Due to the global economic crisis, Russia is no longer the
leading trade partner in the Caucasus and Central Asia, Ratna Sahay,
Deputy Director, Central Asia and Middle East Department of the IMF,
said at the presentation of the report ‘Regional Economic Outlook:
Caucasus and Central Asia’ in Yerevan, Monday.
She said that in 2009 GDP in Russia is expected to slump 6%. The
worsening situation in the Russian economy has already led to reduction
of trade volume and private transfers from Russia to the states in
the region. R. Sahay said the economies of some states particularly
Tajikistan, Kazakhstan and Armenia mostly depend on the flow of
private transfers from Russia.
Export of the states in the region to Russia has plunged. Russia is
still among leaders by investments in the region, she said.