The Caucasus and Central Asia: Transitioning to Emerging Markets

Publication Date:

April 10, 2014

Electronic Access:

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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 countries in the Caucasus and Central Asia (CCA) have recorded significant macroeconomic achievements since independence. These countries have grown more rapidly-—on average by 7 percent over 1996–2011—-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:

Departmental Paper No. 2014/003

Subject:

Notes:

Full text also available in Russian

English

Publication Date:

April 10, 2014

ISBN/ISSN:

9781484305140/2616-5333

Stock No:

TCCTEMEA

Pages:

87

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