In 2014, Kazakhstan experienced two external shocks that impacted economic growth, revenue performance, and the government’s ability to reduce the effects through countercyclical expenditures. The first comprised spillover effects from the economic slowdown and uncertain situation of the Russian Federation, which triggered a downward adjustment in the tenge exchange rate.
After seven years of piloting various elements of fiscal reforms, the government of Uzbekistan adopted a strategic approach to advancing the reform process.
In April 2010, the Kyrgyz Republic experienced political disturbances resulting in several deaths and injuries, substantial property damage, and a change in government. Two months after, community violence erupted with even greater casualties, internal displacements, and physical losses.
Nauru is a tiny island country northeast of Australia. In recent years, it had received substantial unanticipated windfall income following the reopening of the Regional Processing Center and a significant increase in fisheries revenue and high levels of development assistance.
Armenia is a landlocked country in the mountainous region of Caucasus between Asia and Europe. Following the recession triggered by the 2009 global financial crisis, its gross domestic product (GDP) contracted by 14.1%, the economy grew at an average 4.7% from 2010 to 2012 before declining to an average of 3.3% from 2013 to 2015.
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