Promoting inclusive growth in the Caucasus and Central AsiaAuthor :
Paperback
Published : Wednesday 30 October 2019
Description
Making growth more inclusive - creating opportunities for all - is a stated objective of all the countries in the Caucasus and Central Asia (CCA). CCA countries achieved gains in inclusiveness over the past 20 years as incomes increased and poverty, inequality, and unemployment declined. Most of the progress occurred before the 2008-09 global financial crisis. Since then, poverty rates have barely moved and, for oil importers, remain elevated. While much has been achieved, this is no time to slow down efforts. In fact, the opposite is true. The global financial crisis, combined with the external shocks of 2014--16 (low commodity prices and a fall in external demand in major trading partners), has put the gains at risk. The regions growth prospects are subdued, reflecting global headwinds, weaker productivity growth, and an aging population. In addition, the CCA economies rely heavily on a few sources of growth, notably oil, other commodities, and workers remittances, making them vulnerable to external shocks. Lack of inclusive growth would be a recipe for political discord and backslidingr flows critical for these economies. Australia, New Zealand, and the United States each account for approximately one-third of the remittances to the region
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