World Economic Situation and Prospects (WESP) 2013: CIS Economy

Press conference at Palais des Nations on 16 January 2013 in Geneva. This report is produced annually by DESA, UNCTAD and the five regional commissions. Robert C. Shelburne, UNECE Senior Economic Affairs Officer, was one of the speakers, alongside Alfredo Calcagno, Head of UNCTAD's Macroeconomic and Development Policies Branch. Economic growth in the Commonwealth of Independent States (CIS) and Georgia, rose by around 3.8 per cent in 2012 and growth is expected to remain at a similar level 2013, well below potential and pre-crises levels. The unemployment rate reached historic lows in the Russian Federation as jobs growth was accompanied by a shrinking active population. By contrast, Kazakhstan continued to generate employment at a rapid pace, in line with the growth of the labour force. For the low-income countries, migration and remittances remained a channel to alleviate labour market tensions and support domestic demand. Inflation fell throughout the region in 2012, despite poor crop yields, with the exception Belarus, where the currency drastically depreciated in the aftermath of a balance-of-payments crisis. The report is available at: http://www.un.org/esa/policy/wess/wesp.html