The global crisis has severely impacted the Caucasus and Central Asia (CCA), with growth for the region now projected to drop from 6.6 percent in 2008 to 1.5 percent in 2009. But this average masks important differences across countries. Most CCA energy exporters are projected to record solid growth in 2009, given limited linkages to international markets, long-term energy export contracts, and supportive policies.

However, the energy importers, including Armenia, are facing a marked slowdown in growth and deteriorating living standards as a result of a sharp drop in remittances from Russia. In 2010, a modest recovery is expected for the CCA as a whole, including for Armenia.

These and other issues were discussed at a lecture organized by CRRC-Armenia and conducted by Ms. Nienke Oomes, the IMF Resident Representative in Armenia on November 10, 2009 at YSU Big Hall. The lecture was based at IMF recent publication “Regional Economic Outlook: Middle East and Central Asia”, which can be downloaded from the IMF website.