Trade diversification is of critical importance for sustaining the economic growth of the South Caucasus and Central Asian countries, Director of the IMF's Middle East and Central Asia Department Jihad Azour said during a briefing on the Regional Economic Outlook, Report informs.
According to him, trade diversification will play a vital role in helping countries of the region maintain and accelerate economic growth. "This is relevant both for the states of the Caucasus and Central Asia and for the countries of the Middle East," Azour noted.
He emphasized that transport connectivity is becoming the second key priority for the region. The development of transport corridors is necessary both to address deficits caused by external shocks and to expand economic opportunities.
Azour identified the deepening of regional integration as the third most important direction, serving as a new mechanism to expand sales markets, develop infrastructure, and enhance the resilience of national economies.
"The IMF is actively collaborating with countries in the region to accelerate the implementation of relevant reforms," the department director added.