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Padamja Khandelwal, Ezequiel Cabezon, Mr. Sanan Mirzayev, and Rayah Al-Farah
Limited economic diversification has made the economies of the Caucasus and Central Asia particularly vulnerable to external shocks. The economies in the region are heavily reliant on oil and mining exports as well as remittances. In some countries, tourism and capital flows also play a prominent role in aggregate economic activity.
Padamja Khandelwal, Ezequiel Cabezon, Mr. Sanan Mirzayev, and Rayah Al-Farah

Figure 4. Private Credit in the CCA Contribution to Private Sector Credit Gap Figure 5. Contribution to Private Sector Credit Gap Oil Prices, Remittances, and Credit Downturns Figure 6. Oil Prices, Remittances, and Credit Downturns Figure 7. Housing Prices in US Dollars Figure 8. Real GDP Growth and Credit Downturns Figure 9. NPL s and Credit Downturns Figure 10. Selected Features of Macroprudential Institutional Frameworks Figure 11. Selected Broad Tools to Contain Credit Cycles Figure 12. Selected Tools to Contain FX Risks Figure 13. Dollarization

International Monetary Fund. Middle East and Central Asia Dept.

(CCA), about half of recent growth it estimated to come from increases in physical capital, a small share from increases in the labor force, and the rest from TFP. This is generally true for Uzbekistan as well, though the contribution of growth in labor is higher reflecting demographic changes, the entry of young people into the labor force. A large literature looks at determinants of TFP. Structural and institutional factors appear to have a significant impact, and appear to increase growth by raising total factor productivity. CCA: Contribution to Growth

International Monetary Fund. Middle East and Central Asia Dept.
Uzbekistan embarked on an ambitious reform path in 2017, starting to liberalize its economy after years of state control. Incomes are still relatively low compared to other emerging economies. Uzbekistan entered the COVID-19 crisis with relatively strong macro-economic fundamentals.