Cover Departmental Papers
Opening Up in the Caucasus and Central Asia: Policy Frameworks to Support Regional and Global Integration
Author: Mr. Peter J Kunzel, Phil De Imus, Mr. Edward R Gemayel, Risto Herrala1, Mr. Alexei P Kireyev, and Farid Talishli2
  • 1 https://isni.org/isni/0000000404811396, International Monetary Fund
  • | 2 https://isni.org/isni/0000000404811396, International Monetary Fund
Series:
Departmental Papers
Volume/Issue:
Volume 2018: Issue 007
Language:
English
Publication Date:
13 Jun 2018
DOI:
https://doi.org/10.5089/9781484358177.087
ISBN:
9781484358177
ISSN:
2616-5333
Pages:
59
Keywords:
DPPP; DP; CCA country; capital account; CCA region; external shock; labor market; monetary policy; oil exporter; CCA commodity exporter; CCA oil importer; CCA banking sectors; CCA economy; Inflation targeting; Global; Central Asia and the Caucasus; Middle East; Central Asia
Legal-disclaimer:
The Departmental Paper Series presents research by IMF staff on issues of broad regional or cross-country interest. The views expressed in this paper are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
Cover Departmental Papers
Departmental Papers
ISSN:
2616-5333
Publisher:
International Monetary Fund

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