Opening Up in the Caucasus and Central Asia: Policy Frameworks to Support Regional and Global Integration

By Peter J Kunzel, Phil De Imus, Edward R Gemayel, Risto Herrala, Alexei P Kireyev, Farid Talishli

June 13, 2018

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Peter J Kunzel, Phil De Imus, Edward R Gemayel, Risto Herrala, Alexei P Kireyev, and Farid Talishli. Opening Up in the Caucasus and Central Asia: Policy Frameworks to Support Regional and Global Integration, (USA: International Monetary Fund, 2018) accessed September 19, 2024

Disclaimer: The views expressed herein are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

The Caucasus and Central Asia (CCA) countries are at an important juncture in their economic transition. Following significant economic progress during the 2000s, recent external shocks have revealed the underlying vulnerabilities of the current growth model. Lower commodity prices, weaker remittances, and slower growth in key trading partners reduced CCA growth, weakened external and fiscal balances, and raised public debt. the financial sector was also hit hard by large foreign exchange losses. while commodity prices have recovered somewhat since late 2014, to boost its economic potential, the region needs to find new growth drivers, diversify away from natural resources, remittances, and public spending, and generate much stronger private sector-led activity.

Subject: Banking, Economic integration, Foreign exchange, Globalization, Inflation targeting, Monetary policy, Public debt

Keywords: Capital account, CCA banking sectors, CCA commodity exporter, CCA country, CCA economy, CCA oil importer, CCA region, Central Asia, Central Asia and the Caucasus, DP, DPPP, External shock, Global, Inflation targeting, Labor market, Middle East, Monetary policy, Oil exporter

Publication Details

Pages:

59
Volume:

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DOI:

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Issue:

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Series:

Departmental Paper No. 2018/007
Stock No:

OUCCAEA
ISBN:

9781484358177
ISSN:

2616-5333

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