THE CURRENT ECONOMIC SITUATION IN THE CIS REGION: BETWEEN CRISES?

Viktor BUDKIN


Viktor Budkin, D.Sc. (Econ.), professor, Chief Research Associate, Institute of World Economy and International Relations, National Academy of Sciences of Ukraine (Kiev, Ukraine)


ABSTRACT

This article examines the specific manifestations of crisis phenomena in the region of the Commonwealth of Independent States (CIS) that are most pronounced in countries making progress in the creation of a market economy. The author emphasizes the imitative nature of economic reforms in the post-Soviet space. Based on an analysis of international assessments of the current economic situation in these states, he identifies the main factors that prevent their transition from extensive to intensive economic activity. He stresses the objective nature of the lack of internal prerequisites for a transition to large-scale modernization of the economy and innovative economic development. His conclusion is that the CIS countries (or newly independent states in foreign terminology) may face high-level threats to national security with the onset of the next stage of the recession in the absence of reliable prerequisites for economic stabilization in these countries.

Keywords: Commonwealth of Independent States (CIS), level of economic development, crisis, modernization, civil society.

Introduction

The end of the active phase of the 2008-2009 crisis initially raised hopes of a rapid return to high growth rates in the world economy, the creation of new incentives for its qualitative renewal based on the most advanced technologies, and a correction of sectoral, territorial, financial and economic imbalances accumulated in the previous period. But reality fell short of these expectations. By the beginning of 2013, the slowly growing world economy only reached its pre-crisis level, while growth rates in China and other new economic growth centers had fallen sharply. Of the two regions with the largest contribution to the world economy, the European Union is going through a crisis of.


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