Trade diversification vital for Caucasus and Central Asia growth - IMF

Photo: IMF

BAKU, Azerbaijan, October 15. Trade diversification will play an important role for the countries of the Caucasus and Central Asia, the Director of the Middle East and Central Asia Department at the International Monetary Fund, Jihad Azour told Trend.

“Trade diversification will play an important role amid the fragmentation of the global economy, helping countries in the region sustain and accelerate economic growth. This applies to both the countries of the Caucasus and Central Asia and to the states of the Middle East,” he said.

According to Azour, the second important area is transport connectivity.

“Amid the fragmentation of the global economy, the development of transport links is becoming one of the key priorities for these countries. It is necessary not only to overcome shortages resulting from external shocks but also to expand economic opportunities,” he said.

Azour noted that the third area is regional integration.

“It is becoming a new tool for expanding markets, developing infrastructure, and increasing the resilience of economies to external shocks. All of these areas are of great importance for shaping regional economic policy. The IMF is working with countries and regions to accelerate the implementation of relevant reforms,” he noted.