Development in Eastern Europe and the South Caucasus: by OECD


The commercial obstacle, the second one financial surprise to hit the japanese Europe and the South Caucasus area after the cave in of the Soviet Union, has been a caution and a choice to motion. The zone has many benefits and lots more and plenty capability, yet a few of this was once squandered in the course of the growth years of the 2000s. The experiences contained during this quantity reveal that the aptitude continues to be there and that the measures that have to be taken to grasp that capability are possible and reasonable. a few of them may have a nearly speedy impression, resembling easing entry to finance for small and medium-sized agencies and starting up new markets for the region's items. Others are extra medium-term, reminiscent of redeveloping product strains within the metal or in agriculture. one of the most severe reforms, like elevating the extent of schooling and enhancing future health care, would require political and monetary funding over the long run. not one of the innovations during this booklet are, although, past the limits of risk. Governments and the personal zone be interested in enforcing reforms to diversify the financial system and enhance the distribution of sales. Given the large power of the japanese eu and South Caucasus nations, the zone has each cause to be convinced approximately its destiny

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Additional info for Development in Eastern Europe and the South Caucasus: Armenia, Azerbaijan, Georgia, Republic of Moldova and Ukraine

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In 2010, the Central Bank tightened its monetary policy and fought GROODULVDWLRQ,WDEVRUEHGH[FHVVOLTXLGLW\DQGHOLPLQDWHGSRVVLEOHULVNVRILQÀDWLRQ Growth in credits followed positive shifts in the economy from the beginning of 2010. 2 billion). 4% growth yoy) (NSS). As of April 2010, the interest rates on loans in drams dropped by 20% yoy. Business loans above 86'PLOOLRQDUHSURYLGHGIRUD¿YH\HDUSHULRGDWDQLQWHUHVWUDWHRIIRU$0'IRU86' and 13% for EUR. Express loans up to USD 100 000 (or similar in AMD) are provided for a period of up to one year at 18%.

XGJHW Armenia maintained good budget discipline in 2000-10. The budget has been realistic and largely H[HFXWHG DV SODQQHG 5HYHQXH IRUHFDVWV ZHUH QRW RQO\ PHW EXW DOVR H[FHHGHG 7KH GH¿FLW ZDV maintained at the planned level and cutbacks and arrears were avoided. ,QWKHDYHUDJHVWDWHEXGJHWGH¿FLWZDVXQGHURI*'37KHEXGJHWDQGWKH0HGLXP Term Expenditure Framework (MTEF) for 2009-11 were based on GDP growth projections of 8-9% per annum (done by GoA before the crisis).

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