Mubasher: Economies in the Caucasus and Central Asia (CCA) are expected to grow at an overall pace of 4.5% in 2019 and 2020, even with the ongoing trade disputes and economic slowdown in key allied economies, the International Monetary Fund (IMF) said.
“Despite weaker trade, overall growth for the CCA region is expected to remain about 4.5% in 2019–20, largely owing to a looser fiscal stance and private sector credit growth,” the IMF said in a report.
The report covers the Caucasus nations of Armenia, Azerbaijan and Georgia, and the Central Asian republics of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.
The New-York based lender urged the CCA countries to improve competitiveness, harness their natural advantages more effectively and diversify their economies to benefit from trade and integration into global value chains.
External risks include trade tensions, a global slowdown, lower commodity prices and heightened geopolitical tensions, while slowing reform action came among the domestic risks.