The countries of the Caucasus and Central Asia region are significantly shielded from the direct impact of the escalating situation in the Middle East due to a low level of integration with the Persian Gulf zone, Assistant Director of the IMF's Middle East and Central Asia Department Roberto Cardarelli told Report during a roundtable with media representatives, Report informs.
As he emphasized, this region is shielded from the direct consequences of the Middle East crisis. However, for oil-importing countries, sharp fluctuations in the prices of energy resources - oil and gas, the source of which is the Middle East - remain a significant challenge. Another factor exerting pressure is the Ukrainian crisis, which affects states with a direct dependence on Russian energy and gas supplies, he noted.
According to Cardarelli, some countries have already felt the disruptions caused by this conflict. At the same time, as the IMF representative pointed out, geopolitical instability in the northern and southern directions creates new economic opportunities for the region.
"Ironically, the Caucasus and Central Asia are acquiring increasing importance as alternative transport corridors for large volumes of trade that were previously directed straight to Russia, through Iran and the Persian Gulf. The current situation presents a unique chance for the region to take advantage of the large-scale restructuring of global trade flows, a significant share of which now runs through its territory," Cardarelli stated.