The Departmental Paper Series presents research by IMF staff on issues of broad regional or crosscountry interest. The views expressed in this paper are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.This paper builds on a research project on macroeconomic policy in low-income countries (IATI Identifier: GB-1-202960) supported by the UK's Foreign, Commonwealth and Development Office (FCDO) and the partners in the IMF's COVID-19 Crisis Capacity Development Initiative (CCCDI)-

Promoting inclusive growth in the Caucasus and Central Asia / Prepared by an IMF staff team under the supervision of Juha Kähkönen. Other titles: International Monetary Fund. Middle East and Central Asia Department (Series). Description: Washington, DC : International Monetary Fund, 2019. | Departmental paper series. | At head of title: Middle East and Central Asia Department. | This Departmental Paper was prepared by an IMF staff team under the supervision of Juha Kähkönen. The team was led by Mercedes Vera-Martin and included Rayah Al Farah, Dominique Fayad, Sergejs Saksonovs, Wei Shi, and Fang Yang (all Middle East and Central Asia Department [MCD]). | Includes bibliographical references. Identifiers: ISBN 9781498313353 (paper) Subjects: LCSH: Caucasus-Economic conditions. | Asia, Central-Economic conditions. | Economic development-Caucasus. | Economic development-Asia, Central. Classification: LCC HC415.16.A44 2019 This Departmental Paper was prepared by an IMF staff team under the supervision of Juha Kähkönen. The team was led by Mercedes Vera-Martin and included Rayah Al Farah, Dominique Fayad, Sergejs Saksonovs, Wei Shi, and Fang Yang (all Middle East and Central Asia Department [MCD]). The authors thank Mark Horton, country teams, and other MCD colleagues and IMF departments for helpful comments and suggestions and are grateful to Gintare Gedrimaite and Juan Rigat for production assistance, and to Joshua Lipsky, Houda Berrada, and Joe Procopio for editing.

The IMF Notes Series aims to quickly disseminate succinct IMF analysis on critical economic issues to member countries and the broader policy community. The views expressed in IMF Notes are those of the author(s), although they do not necessarily represent the views of the IMF, or its Executive Board, or its management.

The Departmental Paper Series presents research by IMF staff on issues of broad regional or cross-country interest. The views expressed in this paper are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

IMF Selected Issues Papers are prepared by IMF staff as background documentation for periodic consultations with member countries. It is based on the information available at the time it was completed on February 15, 2023. This paper is also published separately as IMF Country Report No 23/118.