IMPACT OF GREAT DEPRESSION IN North Asia and

Central Asia
TAJIKISTAN ECONOMY
Tajikistan's economy was in a deep recession in 1998; its GDP had fallen by roughly 60% from levels
in 1990. Since 1999, there has been a rapid economic recovery with average annual economic
growth of 7-9%. Despite the fact that it is still far over 60%, this greatly reduced the poverty rate.
The triumph of pacification in politics sowed the seeds for future problems. At the grassroots level,
discontent and disenchantment may well result from a lack of political involvement and competition.

The possibility of internal elite struggle over power dynamics is further raised by these reasons. The
development of a market economy in Tajikistan has been hindered by the concentration of the
country's most valuable economic resources. After September, the Taliban were defeated in
Afghanistan. After September 11, 2001, security threats decreased. The centre of the extremely
dynamic and integrating Eurasian supercontinent is Central Asia.

Uzbekistan
Over the past ten years, the nation has had consistent economic growth, with real growth rates
averaging 8.3% per year from 2005 to 2012. Growth is anticipated to maintain itself around 7 to
7.5% over government spending and investment in the medium term16.

Additionally, Uzbekistan has excellent development potential. Gold, copper, natural gas, oil, and
uranium are among the abundant natural resources in the nation, which also has a robust
agricultural sector. The country is a natural regional leader in terms of politics and economics due to
its size, population, and workforce (it is the most populous Central Asian country), as well as its
location (it shares a border with all other former Central Asian republics).

However, the nation also experiences some obvious and some less obvious drawbacks.
Geographically, Uzbekistan is a small country However, the nation also experiences some obvious
and some less obvious drawbacks. Geographically, Uzbekistan is "doubly landlocked" (i.e., a country
surrounded by landlocked countries) and lacks access to the sea17; Liechtenstein is the only other
country that can claim this distinction. This disadvantage increases the difficulty and cost of
international trade. In general, the nation's strong potential is not even close to being realized.
Despite experiencing GDP growth despite the global economic downturn, Uzbekistan is still unable
to completely implement a market-oriented system. The nation is overly dependent on a small
number of commodities (gold, oil, gas, and cotton), which account for more than 60% of its exports
and a sizeable portion of its GDP.

Kazakhstan
The expected global economic growth rates for 2016 and 2017 are 3.2 percent and 3.5 percent,
respectively. The rate of growth reached 3.1 percent in 2015. The ASEAN-5 nations, China, India, and
the major industrialized economies are anticipated to propel global growth. The unreliable global
recovery has made financial markets more volatile and damaged consumer and business confidence.
The two scenarios that make up the medium-term economic prognosis for Kazakhstan are described
here. The baseline scenario predicts that Kazakhstan's GDP growth rate would be close to zero in
2016. The combination of international sanctions, declining oil prices, and the depreciation of the
ruble caused the Russian economy to contract by 3.7 percent in 2015 and is predicted to contract by
another 1.9 percent in 2016.