Central Asian countries are currently enjoying exceptional economic growth. With prices of the region's commodity exports at high levels and global growth running at its strongest pace in thirty years, the near-term prospects for Central Asia look bright.
This presents an excellent opportunity for the governments of the region to move forward with reforms that will lock in continued rapid growth, rising living standards, and declining poverty over the long term.
Growth in the region averaged over 8 percent last year and has exceeded 7 percent in each of the past six years. Last year's growth was achieved despite a soft patch in the Kyrgyz Republic in the wake of the March 2005 Tulip Revolution.
Flows of money into the region—whether in the form of export earnings, workers' remittances, private capital flows, or official financing—picked up, boosting foreign exchange reserves. Fiscal policy in the region also improved, permitting a reduction in countries' public debt burdens. However, relatively loose monetary policy and high oil prices pushed up inflation.
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International Monetary Fund
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