While most countries in Moscow’s economic orbit are nervously eyeing tough times ahead, Uzbekistan is adopting a bullish line on its economic prospects.
International financial organizations are predicting problems for Central Asian economies in the coming year. Central Asian states “will be affected by Russia’s deepening recession through multiple channels, especially trade, remittances, foreign direct investment (FDI), and risk premiums,” a report recently issued by the International Monetary Fund stated.
Already, Kazakhstan has drastically scaled back growth targets. Meanwhile, there are rumblings of concern in Tajikistan and elsewhere about an expected, significant decline in the amount of remittances sent back to Central Asian states by labor migrants in Russia.
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Joanna Lillis is a freelance writer who specializes in Central Asia.