2016年中亚五国宏观经济形势

Abstract:In 2016，Central Asian countries’ economies slowed down as it did in 2015. But the decline was significantly reduced and the economic situation gradually stabilized. Inflation in the region has been curbed，and the economy became stable. Per capita GDP slowed down，and real per capita incomes decreased. Negative growth appeared in Kazakhstan and Kyrgyzstan. Devaluation and exterior demand remarkable reduction led to slump in volume of foreign trade. To cope with internal and external shocks，exchange rate systems in the Central Asian countries started to reform and perfect. Nominal and real effective exchange rate continued to depreciate significantly. Meanwhile，the reform of exchange rate system relieved the pressure on foreign reserves. The immediate cause of the Central Asian countries’ economic depression in 2016 is the recession of Russia，economic downturn in China and the falling price of energy. Structural reasons includes market economization and economic openness，open economy characteristics of small nations，the high degree of dependence on the foreign economy and economic structure of a single resources.

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