The features of ınfluence of the global economıc crıses to central asıan countrıes

Abstract

The influence of global economic crises varied from one country to another and was dependent from variety of preconditions and factors in each of them. In this paper the results of the affects of global crisis to economies of former Soviet Union member countries in Central Asia is analyzed. The paper specifies the differences and similarities of the influence of crisis to the economies of these states. The following channels of influence are evaluated: financial markets; volume of international demand and prices of export commodities; labor market, migration and remittances; direct foreign investment and lending; devaluation of national currencies; aid and international support. The results of analyses show that the affects of each channel of influence to the national economies of these countries was not the same and had different levels of urgency. The main preliminary results of influence of global economic crises to economies of CA were: slowing-down of economic growth, decreasing of gold and foreign currency reserves, increasing of external debt, increasing of current account balance deficit, rising of unemployment. But the extent of these results as well as their values differs from the most vulnerable country to the less one.