Remittances from Russia to countries in Central Asia and Eastern Europe and the Caucasus contracted in the first quarter of 2014 for the first time since 2009, primarily because of the Russian economic slowdown, the European Bank for Reconstruction and Development (EBRD) said.
According to an index showing the overall economic exposures of a number of countries to Russia through various channels, Belarus and Tajikistan have the highest exposure to Russia, with significant exposure also seen in Armenia, the Kyrgyz Republic, Moldova and Ukraine.
Overall, the continuing crisis between Russia and Ukraine is weighing on the economies of the EBRD region, with only a modest recovery expected in 2015 after a sharp slowdown in growth this year.
According to EBRD reviewed forecast, Armenia will register a 3 percent GDP growth in 2014, and 3.5 in 2016.
As to Ukraine, GDP in 2014 may fall by 9 percent.
