The global crisis, reduction of trade with Russia and remittances from migrants living in Russia have had a heavy impact on the economy of Transcaucasia and Central Asia in 2009. Armenia, Georgia and Kazakhstan have had the greatest losses.

Rich in resources, but rather closed for the outside world Uzbekistan and Turkmenistan are in the most favorable conditions. This data was provided by the report of Asian Development Bank (ADB).

According to the report, the amount of transfers from migrants in Russia to the region fell by about 25.5 percent over the first half of 2009. "Since these transfers are the main source of income for some countries, it will have negative impact on domestic consumption and undermines the payment balances," experts of the bank say.

This year, Armenia's GDP will drop by 9.9 per cent, which is the highest decline in the region, the ADB experts forecast. Previously, they predicted 0.5 per cent of growth to the country.

ADB observes underdeveloped infrastructure, falling exports, low volume of remittances from abroad, falling investment and crediting in Georgia. In 2009, instead of previously predicted 2.5 per cent growth GDP will fall by 4 per cent.

GDP of Kazakhstan will likely to shrunk by 1 per cent, ADB reports.

Despite a good global demand for oil and gas, decline is also forecasted for Azerbaijan: 3 per cent growth instead of 8 per cent of expected.

In Kyrgyzstan instead of expected 4 per cent of growth , 1 per cent is forecasted, in Tajikistan - instead of 3 per cent - 0,5 per cent, in Turkmenistan - instead of 10 per cent - fairly respectable 8 per cent.
ADB experts left unchanged the GDP growth of Uzbekistan: 7% this year.