The Caucasus and Central Asia: Transitioning to Emerging Markets

Publication Date: April 10, 2014
Electronic Access: Free Full text (PDF file size is 2,059KB).
Use the free Adobe Acrobat Reader to view this PDF file

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): Transition economies | Middle East and Central Asia | Economic growth | Fiscal policy | Energy sector | Fiscal reforms | Financial sector | Bank supervision | Monetary policy | Emerging markets | Political economy

Notes Full text also available in Russian
Publication Date: April 10, 2014
ISBN/ISSN: 9781484305140 Format: Paper
Stock No: TCCTEMEA Pages: 84
Please address any questions about this title to