CIS gradually overcoming the consequences of the global financial crisis, say in the UN.

“After experiencing a sharp economic downturn at 6.7% in 2009, the CIS in 2010, expects overall economic growth by about 1,7%,” - said in a press release issued on the occasion of the presentation of the UN report “World Economic Situation and prospects (MESP) in 2010. Presentation was held in Moscow on Monday.

The report said that the decline of Russia”s economy had a negative impact on economic performance throughout the CIS.

“In Russia the original failures arising from inadequate access to international finance, have been compounded by a sharp decline in global commodity prices,” - the document says.

The UN expects that the economy will recover in the CIS in 2010 thanks to the rise in global demand and improved financial conditions.

“Nevertheless, the recovery will be muted because of the continuing fragility of the banking sector, as well as some elements of the planned fiscal consolidation” - the document says.

MESP warns that a modest global economic recovery may be exposed to serious risks.

“First, there is a risk of premature” withdrawal “of measures on stimulation in major economies, which may interrupt the still nascent recovery. Secondly, there is a risk of re-emergence of global macroeconomic imbalances, which can lower confidence in the U.S. dollar, that will lead to a new wave of financial imbalance “, - said in a press release.

“These types of risk can cause a two-times world-wide recession that will affect the CIS countries, given their dependence on global trade and finance” - believe in the UN.

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