The Commonwealth of Independent States Economies

CHAPTER 4

The Impact of the Global Economic Crisis on CIS Economies

Overview

Emerging market economies, including the CIS countries, were major beneficiaries of the economic boom before 2007. Nonetheless, they have become victims of the global financial crisis. Their future development depends, to a larger extent, on global economic prospects. Today the global economy and the European economy are much more integrated and interdependent than they were 10 or 20 years ago. Every country must recognize its limited economic sovereignty and must be prepared to deal with the consequences of global macroeconomic fluctuations.

Overall, the CIS countries, excluding Russia, have been generally badly affected by the global financial crisis and economic downturn ...