1. Economic shocks of COVID-19: What next for the Caspian Basin and South Caucasus?
- Author:
- Suzanne Maloney, Alex Vatanka, Aleksi Aleksishvili, and Rauf Mammadov
- Publication Date:
- 04-2020
- Content Type:
- Video
- Institution:
- Middle East Institute (MEI)
- Abstract:
- The economic toll of COVID-19 around the world has been significant and the impact of this crisis will reverberate for the next few years. Iran is among the hardest hit economies but the fallout is also already felt among Iran’s immediate neighboring states, including the countries of South Caucasus and the Caspian Basin. With US sanctions severely limiting its international trade, Tehran has in recent years banked on trade with immediate neighbors as a stopgap remedy to its economic needs. This policy of prioritizing trade and other economic ties with immediate neighbors is now under even more pressure due to COVID-19. While Iran is expected to experience a sharp economic contraction in 2020, economic growth forecasts have also been cut in neighboring Caucasus states, requiring swift and decisive action from leaders and international partners. The Middle East Institute (MEI) will bring together a panel of experts to explore the economic impacts of COVID-19 on Iran, the South Caucasus and the question of regional economic cooperation and integration. Besides looking at what has driven Iran’s neighborhood policy in recent years, and how it is in danger of crumbling due to COVID-19 restrictions, the panel will focus on the specific case of the energy sector where regional integration was moving ahead, albeit slowly. Meanwhile, the role played by third-parties – including Russia and the US - will also be tackled by the panelists as they reflect on Iran-South Caucasus economic connections.
- Topic:
- Economics, Sanctions, Trade, and COVID-19
- Political Geography:
- Iran, Caucasus, and Caspian Sea