The Caucasus and Central Asia: Transitioning to Emerging Markets

The Caucasus and Central Asia (CCA) countries have experienced significant macroeconomic achievements since independence, with average growth of 7% and a decline in poverty. Inflation has fallen, interest rates have decreased, and financial sectors have deepened. Fiscal policies have been successful in building buffers and supporting growth, particularly in oil and gas exporters.

Format: Paperback / softback
Length: 277 pages
Publication date: 30 November 2022
Publisher: International Monetary Fund (IMF)

The countries in the Caucasus and Central Asia (CCA) have achieved remarkable macroeconomic successes since gaining independence. Over the period from 1996 to 2011, these nations experienced an average growth rate of 7 percent, outpacing many other regions worldwide. This impressive growth has led to a significant decline in poverty levels. Additionally, inflation rates have significantly dropped from their high levels in the 1990s, while interest rates have also fallen. The financial sectors in these countries have seen some deepening, with higher deposits and lending indicators.

Fiscal policies implemented by CCA countries were broadly successful in building buffers that proved crucial in supporting growth and protecting the most vulnerable during the global crisis. CCA oil and gas exporters, benefiting from their energy wealth, have witnessed significant improvements in living standards.

These achievements highlight the resilience and potential of the CCA region in navigating economic challenges and fostering prosperity. The region's commitment to economic development, diversification, and social welfare policies has contributed to its positive trajectory and sets a strong foundation for future growth and stability.

Weight: 333g
Dimension: 229 x 152 (mm)
ISBN-13: 9781484305140