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Padamja Khandelwal, Ezequiel Cabezon, Mr. Sanan Mirzayev, and Rayah Al-Farah

8 23 88 379 Turkmenistan 8 38 421 2824 Uzbekistan 18 18 (ongoing) 88 368 Sources: IMF staff calculations. Credit upturns in CCA countries are longer than those in EMs, and downturns are shorter. While CCA upturns lasted for over six years before the GFC, EM upturns lasted about three years on average. 7 Post-GFC, CCA upturns have been shorter (about four years on average), perhaps as a result of the 2014–15 oil price shock. The average amplitude of CCA credit upturns (more than 200 percent) is much larger than

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.