The Caucasus and Central Asia : Transitioning to Emerging Markets

Author/Editor: International Monetary Fund. Middle East and Central Asia Dept.
Publication Date: April 10, 2014
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Summary: The countries in the Caucasus and Central Asia (CCA) have recorded significant macroeconomic achievements since independence. These countries have grown more rapidly-β€”on average by 7 percent over 1996–2011β€”-than those in many other regions of the world and poverty has declined. Inflation has come down sharply from high rates in the 1990s and interest rates have fallen. Financial sectors have deepened somewhat, as evidenced by higher deposits and lending. Fiscal policies were broadly successful in building buffers prior to the global crisis and those buffers were used effectively by many CCA countries to support growth and protect the most vulnerable as the crisis washed across the region. CCA oil and gas exporters have achieved significant improvements in living standards with the use of their energy wealth.
Series: Middle East and Central Asia Departmental Paper 14/2
Subject(s): Fiscal policy | Middle East and Central Asia | Monetary policy | Fiscal reforms | Financial sector | Economic growth | Emerging markets | Energy sector | Bank supervision | Political economy | Transition economies

Notes Full text also available in Russian
Publication Date: April 10, 2014
ISBN/ISSN: 9781484305140 Format: Paper
Stock No: TCCTEMEA Pages: 87
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