Paving The Way To More Resilient Inclusive And Greener Economies In The Caucasus And Central Asia
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Paving The Way To More Resilient Inclusive And Greener Economies In The Caucasus And Central Asia
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Author : Mr. Nikoloz Gigineishvili
language : en
Publisher: International Monetary Fund
Release Date : 2023-06-08
Paving The Way To More Resilient Inclusive And Greener Economies In The Caucasus And Central Asia written by Mr. Nikoloz Gigineishvili and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-06-08 with Business & Economics categories.
Raising long-term growth and resilience and improving living standards and inclusion are the top economic policy priorities for countries in the Caucasus and Central Asia (CCA). The region responded strongly to the COVID shock, which unavoidably caused a contraction in output and an increase in poverty and inequality. While the region is at the crossroads between the West and the East as it is facing heightened uncertainty due to Russia’s war in Ukraine and the rising risk of global fragmentation. Climate change is an additional challenge that could have a significant negative impact on CCA countries in the long term. These challenges, however, also offer an opportunity for the region to develop a new growth model that could strengthen long-term resilience, accelerate income convergence with more advanced country peers, and improve human development and social outcomes. The paper argues that a more market-based allocation of limited resources is needed to channel capital and labor to their most productive use. The private sector needs to become a key driver of economic activity while the state provides a competitive and market-friendly business environment, delivers essential public goods and services, addresses externalities and market failures, and mitigates systemic risks. The state also retains a critical role in mobilizing public support and resources for climate policies and protecting the vulnerable. Well-designed social safety nets play a key role in reducing poverty and inequality and are essential to the new economic growth model to support human capital development and alleviate the impact of structural reforms on the most vulnerable.
Financial Development And Growth In The Caucasus And Central Asia
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Author : Mr. Tigran Poghosyan
language : en
Publisher: International Monetary Fund
Release Date : 2022-07-08
Financial Development And Growth In The Caucasus And Central Asia written by Mr. Tigran Poghosyan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-07-08 with Business & Economics categories.
This paper presents stylized facts on financial development in the CCA countries relative to their EM and LIC peers and assesses how financial development can boost growth in the CCA. Drawing on IMF’s multidimensional index of financial development, we find that CCA countries have made progress following the independence in early 1990s. However, the progress was uneven across the CCA, resulting in a divergence of financial development over time and mixed performance relative to EM and LIC peers. Financial institutions have progressed the most, while financial markets remain underdevelped in most CCA countries except Kazakhstan. In terms of sub-indicators of financial development, financial access has expanded markedly, while the depth of financial intermediation has remained largely shallow and efficiency of financial intermediation has fluctuated over time. Standard growth regressions suggest that CCA countries with relatively lower level of financial development have scope to boost annual growth rates between 0.5-2.5 percent by reaching the level of financial development of frontier CCA countries.
Regional Economic Outlook Middle East And Central Asia October 2023
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Author : International Monetary Fund. Middle East and Central Asia Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2023-10-12
Regional Economic Outlook Middle East And Central Asia October 2023 written by International Monetary Fund. Middle East and Central Asia Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-12 with Business & Economics categories.
Across the Middle East and Central Asia, the combined effects of global headwinds, domestic challenges, and geopolitical risks weigh on economic momentum, and the outlook is highly uncertain. Growth is set to slow this year in the Middle East and North Africa region, driven by lower oil production, tight policy settings in emerging market and middle-income economies, the conflict in Sudan, and other country-specific factors. In the Caucasus and Central Asia, although migration, trade, and financial inflows following Russia’s war in Ukraine continue to support economic activity, growth is set to moderate slightly this year. Looking ahead, economic activity in the Middle East and North Africa region is expected to improve in 2024 and 2025 as some factors weighing on growth this year gradually dissipate, including the temporary oil production cuts. But growth is expected to remain subdued over the forecast horizon amid persistent structural hurdles. In the Caucasus and Central Asia, economic growth is projected to slow next year and over the medium term as the boost to activity from real and financial inflows from Russia gradually fades and deep-seated structural challenges remain unsolved. Inflation is broadly easing, in line with globally declining price pressures, although country-specific factors—including buoyant wage growth in some Caucasus and Central Asia countries—and climate-related events continue to make their mark. Despite some improvement since April, the balance of risks to the outlook remains on the downside. In this context, expediting structural reforms is crucial to boost growth and strengthen resilience, while tight monetary and fiscal policies remain essential in several economies to durably bring down inflation and ensure public debt sustainability.
Republic Of Kazakhstan
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Author : International Monetary Fund. Middle East and Central Asia Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2024-02-07
Republic Of Kazakhstan written by International Monetary Fund. Middle East and Central Asia Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-07 with Business & Economics categories.
Growth is estimated to have reached 4.8 percent in 2023 and is projected to slow to 3.1 percent in 2024. Inflation declined to 9.8 percent in 2023, still well above the National Bank of Kazakhstan (NBK)’s target of 5 percent. Risks to the outlook are tilted to the downside. The state’s footprint in the economy remains large and structural reform implementation has been slow in recent years. Despite strong buffers, the economy needs to be better prepared for future shocks in both the short term (e.g., from war spillovers, inflation, and global economic and financial conditions) and the medium term (e.g., from geo-economic fragmentation, climate events, and global decarbonization).
Republic Of Uzbekistan
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Author : International Monetary Fund. Middle East and Central Asia Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2024-07-11
Republic Of Uzbekistan written by International Monetary Fund. Middle East and Central Asia Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-07-11 with categories.
Uzbekistan’s growth momentum continues on the back of far-reaching structural reforms to liberalize its economy, favorable commodity prices, and notable increases in financial and income flows. Leveraging the remarkable progress that has been achieved in the last seven years, the authorities remain steadfast in their commitment to continue their policy and reform agenda—as shown by the recent energy price reform—and to address the remaining challenges of reducing the role of the state, accelerating productivity growth, bringing down inflation, and stepping up some key structural reforms that have proceeded at a slower pace than desired.
Republic Of Kazakhstan
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2025-01-31
Republic Of Kazakhstan written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-01-31 with Business & Economics categories.
After reaching 5.1 percent in 2023, growth is expected to slow to 3.9 percent in 2024, while inflation would decline to 8.2 percent. The banking sector remains resilient amid continued rapid consumer credit growth. A moderate current account deficit is expected this year. The outlook is subject to elevated risks, including from an uncertain external environment. Decisive reforms are necessary to diversify the economy, make growth higher and more inclusive, and address challenges from climate change.
Republic Of Armenia
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Author : International Monetary Fund. Middle East and Central Asia Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2023-12-14
Republic Of Armenia written by International Monetary Fund. Middle East and Central Asia Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-12-14 with Business & Economics categories.
Republic of Armenia: Selected Issues
Kyrgyz Republic
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Author : International Monetary Fund. Middle East and Central Asia Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2025-06-04
Kyrgyz Republic written by International Monetary Fund. Middle East and Central Asia Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-06-04 with categories.
The Kyrgyz Republic has shown remarkable resilience amid heightened global uncertainty. Inflation has declined to mid-single digits, but underlying demand pressures require continued vigilance. Favorable debt dynamics have created fiscal space to invest in infrastructure, energy, and human capital. Looking ahead, growth is expected to moderate and converge to its potential of around 51⁄4 percent over the medium term as re-export trade normalizes. However, the outlook remains highly dependent on geopolitical developments. Priorities going forward include rebuilding policy buffers and advancing structural reforms to strengthen resilience and support sustained and inclusive growth.
Republic Of Azerbaijan
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2024-02-07
Republic Of Azerbaijan written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-07 with Business & Economics categories.
Growth is moderating following a strong post-pandemic rebound, and inflation is easing. The near-term challenge is to resume fiscal consolidation following a temporary easing, and to ensure that inflation—which has recently returned to the target band—does not reignite amid external risks and domestic pressures. In the medium to long term, Azerbaijan’s biggest challenge is to reduce dependence on the hydrocarbon sector and advance private sector-led economic diversification.
Labor Market Challenges And Policy Reforms In The
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Author : Mr. Jean van Houtte
language : en
Publisher: International Monetary Fund
Release Date : 2025-06-18
Labor Market Challenges And Policy Reforms In The written by Mr. Jean van Houtte and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-06-18 with categories.
This SIP reviews the labor market constraints to growth and development in the Kyrgyz Republic, including gender-specific constraints. It is motivated by the high annual population growth rate of 2 percent, which implies 50,000 new labor market entrants per year. The review canvasses broadly recent additions to the relevant economic literature and databases. The SIP finds that significant informality, low worker productivity, a skills mismatch, and the gender gap in labor participation undermine improvements in, and the efficient allocation of, the labor force. The paper suggests a sharper focus of more flexible labor market policies, a more cost-effective education system, and better social safety nets.