WASHINGTON (IMF press service) — Economies in Central Asia and the Caucasus will average growth of 4.2% annually in coming years, less than half the rate seen in the early 2000s, and need to redouble reform efforts, the International Monetary Fund (IMF) said on Tuesday.

According to the IMF, after exceeding expectations in 2017, growth in the Caucasus and Central Asia (CCA) region is expected to stabilize. But CCA countries face increasing global challenges, including rising trade tensions and tightening financial conditions. The IMF called on the former Soviet republics, in particular, to reduce the state’s role in their economies, and warned that escalating global trade tensions posed a significant risk.