Economic crisis and countries in Eastern Europe and Central Asia

[marybetley]

See the attached newly released World Bank report on the severity of the economic crisis on countries in Eastern Europe and Central Asia. Its research indicates that countries in this region felt the greatest effect and have been the slowest to recover from the crisis.

[harnett]

Thanks a lot for this Mary.  It's a story that should be more widely known.  Certainly at the beginning of the crisis it appeared that may of these countries avoided the banking failures of more sophisticated financial markets in western countries but obviously the knock on effects of the recession have taken their toll.  I was a little disappointed that the overview of the report did not mention what I would have thought a major impact on unemployment:  the return of many workers from abroad - certainly many Albanians returned from Greece and I imagine this was replicated in many countries - and also would explain at least some of the drop in remittances which was mentioned in the report.

[Arjeta]

I agree with you Paul!  First of all I would like to see Albania included in the study and second of all, it is very interesting to compare the negative effect of reduction of remitances with the positive effect of new bussinesses opened from people that come back at their origine countries.  This is the situation in Albania.