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March 28
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Each percent of decline in Russia’s GDP may lead to a reduction in the states of Caucasus and Central Asia by 0.4%, states IMF regional economic forecast for the Middle East and Central Asia, Armenian News - NEWS.am reports.

The decline of Russian economy will primarily affect Armenia, Georgia, Tajikistan and Kyrgyzstan. At the same time, the GDP of the oil and gas exporters (Kazakhstan, Uzbekistan, Turkmenistan, and Azerbaijan) will go down only by 0.15%.

In addition, transfers from Russia to the Caucasus and Central Asia may decline by 1.5%, which, combined with the devaluation of Russian currency will further reduce the purchasing value of these transfers. As a result, the dependence on Russian transfers and the focus on trade with Russia can reduce average GDPs of Armenia, Tajikistan and Kyrgyzstan by approximately 5.6% to 4.6% in 2014. Steady recovery, however, is expected in 2015.

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