CAREC Quarterly Economic Monitor No.9

This 9th Quarterly Economic Monitor discusses GDP, industrial production, and consumption growth in the CAREC region, along with foreign trade, inflation, monetary policy developments, and credit growth – as usual. It once again shows that the performance of the CAREC economies in 2022 has been generally quite resilient against the multitude of shocks faced since 2020. However, growth is still mostly consumption- and government-driven, whereas investment has remained relatively hesitant.

The Monitor also gives an overview over country rating actions for the CAREC economies since 2020. Rating outlooks were generally upgraded in early 2023 after several negative outlooks in 2022. However, a number of CAREC countries remain in the high-risk area.