Baku. 21 January. REPORT.AZ/ Economic activity in CIS countries in 2015 dramatically weakened. The worsening terms of trade, unstable access to external financing and high level of uncertainty are among the reasons for this situation.The decline in production in Russia negatively affected CIS. Report informs, it is stated in a new UN report "World Economic Situation and Prospects 2016".
According to document, aggregate GDP of the CIS and Georgia declined by about 3% in 2015.In coming years, growth is expected to recover, but it will be modest: it is assumed that GDP will increase by about 0.7 percent in 2016 and 1.8 percent in 2017.
The authors of the report believe that, Russian economy in 2016 expected to stagnate, and in 2017 it "will return to modest growth of 1.2%.".
The conflict in the east of Ukraine led to a sharp drop in exports to that country.It is expected that in 2016 Ukraine will have zero growth, and in 2017 it will be 2, 1 percent.
According to experts, the most favorable situation is observed in regions of the Caucasus and Central Asia.
For example, in Azerbaijan, Turkmenistan and Uzbekistan, public investment programs have contributed to economic growth in 2015.