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The Regional Impact of the Global Economic Crisis

The global slowdown has been felt in ‘periphery’ economies such as Georgia. © UNDP Georgia

Responding to crisis: core and periphery

‘Core’ economies must take responsibility for repairing the global financial system, in part by helping ‘peripheral’ economies weather the storm.

Topics: Financial crisis, The Regional Impact of the Global Economic Crisis, Poverty Reduction , Macroeconomic policy, Institutional development, Global financial crisis, International Monetary Fund, Emerging economies

Because of differences in factor costs, notably labour, profitability can be increased by the transfer of production from developed to developing countries. © UNDP Serbia

Transition after the crisis

The principal drivers of transition—regional and global trade integration, foreign direct investment—are unlikely to undergo fundamental change due to the recession.

Topics: European Union, Financial crisis, The Regional Impact of the Global Economic Crisis, Poverty Reduction , Global economic crisis, Globalization, Foreign direct investment, EU accession, Macroeconomic policy, Institutional development, New EU member states

The state savings bank, Sberbank, still attracts more than half the retail deposits in Russia, despite its lower deposit rates. © Justin Jin/Panos Pictures

A case for nationalizing failing banks

Government ownership of banks can play an important role in retaining savings within the financial system, particularly when bank regulation is of poor quality.

Topics: Private sector, Financial crisis, The Regional Impact of the Global Economic Crisis, Poverty Reduction , Global economic crisis, Privatization, Banking system

Agriculture has traditionally served as a safety net in Moldova, providing subsistence and cash income from sales of fresh and lightly processed products. © Julie Pudlowski/UNDP Moldova

Responding to falling remittances and returning migrants

Remittances in Europe and Central Asia are expected to decline by more than the global average. This article suggests some ways to deal with the problem.

Topics: Migration, Rural development, Financial crisis, Moldova , The Regional Impact of the Global Economic Crisis, Poverty Reduction , Employment, Global economic crisis, Young people, Remittances, Rural poverty

Limited access to finance pushes women into self-employment and small-scale commercial activities in the informal sector. © OSCE/Eric Gourlan

The crisis and its consequences for women

If Russia’s August 1998 financial meltdown is any indication, the current crisis will have a serious impact on prospects for gender equality in the region.

Topics: Inequality, Financial crisis, The Regional Impact of the Global Economic Crisis, Poverty Reduction , Employment, Global economic crisis, Social services, Social policy, Gender equality, Job creation, Violence against women, Local service delivery