The Asian Development Bank (ADB) said that the direct fallout from the invasion would likely be limited for developing Asia, except in the Caucasus and Central Asia.

“Indeed, the limited exposure will curtail the direct impact of the war in most of the region, but the effects will be large for the Caucasus and Central Asia, … which all have close trade and financial linkages with the Russian Federation,” the bank said in a report.

“Declining remittances from Russia will weigh on the external balances of economies heavily reliant on these inflows.”

The ADB projected the gross domestic product (GDP) growth in Central Asia and South Caucasus at 3.6 percent in 2022 and 4.0 percent next year. Annual inflation is projected at 8.8 percent in 2022 and 7.1 percent in 2023.

Below are the main forecasts by country:

ARMENIA

GDP growth is projected at 2.8 percent in 2022 and 3.8 percent in 2023. Annual inflation is projected at 9.0 percent this year and 7.5 percent in 2023.

AZERBAIJAN

Azerbaijan’s economic growth is projected at 3.7 percent in 2022 and 2.8 percent in 2023. Annual inflation is projected at 7.0 percent this year and 5.3 percent in 2023.

GEORGIA

GDP is expected to grow by 3.5 percent in 2022 and by 5.0 percent in 2023. Annual inflation is projected at 7.0 percent this year and 4.0 percent in 2023.

KAZAKHSTAN

The economy is expected to expand by 3.2 percent in 2022 and by 3.9 percent in 2023. Annual inflation is projected at 7.8 percent this year and 6.4 percent in 2023.

KYRGYZSTAN

GDP is projected to grow by 2.0 percent in 2022 and 2.5 percent in 2023. Annual inflation is projected at 15.0 percent this year and 12.0 percent in 2023.

TAJIKISTAN

GDP is projected to grow by 2.0 percent in 2022 and 3.0 percent in 2023. Annual inflation is projected at 15.0 percent this year and 10.0 percent in 2023.

TURKMENISTAN

GDP is projected to grow by 6.0 percent in 2022 and 5.8 percent in 2023. Annual inflation is projected at 13.0 percent this year and 10.0 percent in 2023.

UZBEKISTAN

GDP is projected to grow by 4.0 percent in 2022 and to grow by 4.5 percent in 2023. Annual inflation is projected at 9.0 percent this year and 8.0 percent in 2023.