IMF publishes outlook for Caucasus, Central Asia region

This year, the economies of the Caucasus and Central Asia (CCA) region will grow by 3.7%. In 2022, the growth will be 4.1%, Report informs, citing the April issue of the Regional Economic Outlook of the International Monetary Fund (IMF).

According to the report, the region's GDP contracted by 1.9% in 2020.

The IMF projects inflation in the CCA region to be 6.9% in 2021 and 6.2% in 2022. The GDP of the region's oil and gas exporting countries will grow by 3.7% this year and by 4% in 2022. The GDP of these countries in the non-oil sector will grow by 3.5% in 2021 and by 4% in 2022.

The IMF believes that consumer prices in these countries will increase by 7.1% and 6.5%, respectively.

The CCA region includes Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. Oil exporters in the CCA region are Azerbaijan, Kazakhstan, Turkmenistan, and Uzbekistan.