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IMF – Caucasian and Asian Economies should be diversified away from reliance on oil and remittances

19.05.2015 15:41

IMF – Caucasian and Asian Economies should be diversified away from reliance on oil and remittances

YEREVAN, May 19. /ARKA/. The International Monetary Fund (IMF) has lowered the GDP growth projection for the Caucasus and Central Asia by 2 percentage points for 2015.

Growth in the Caucasus and Central Asia (CCA) is expected to decline by 2 percent this year as a result of lower commodity prices and the economic slowdown in Russia, says the latest regional forecast by IMF staff.

The Regional Economic Outlook Update for the Caucasus and Central Asia, released on May 19, predicts growth in the region will reach just over 3 percent this year. This latest forecast represents a downward revision of 2½ percentage points from the one released by the IMF in October 2014.

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