The development of the Middle Corridor and diversification of international trade relations create significant opportunities to support economic growth and strengthen integration into global markets in the countries of the South Caucasus and Central Asia, said Jihad Azour, Director of the Middle East and Central Asia Department of the International Monetary Fund (IMF), during a briefing on the "Regional Economic Outlook for the Middle East and Central Asia," APA-Economics reports.
According to him, attracting additional investments to the Middle Corridor, as well as increasing trade turnover with China, Europe, and the Middle East, could further strengthen the integration of countries in the region into the global economy.
Jihad Azour noted that the countries of the South Caucasus and Central Asia are already allocating significant funds to the development of transport and logistics infrastructure. However, to fully utilize the existing potential, it is important to continue structural and institutional reforms alongside infrastructure projects.
The IMF official particularly identified private sector development, reforms in state-owned enterprises, and optimization of state participation in the economy as key factors in expanding the region's international economic relations.
He stated that changes in the direction of investment and migration flows, increased capital investments, and growing interest in alternative logistics routes in recent years have had a positive impact on the economies of the South Caucasus and Central Asia.
As a result, economic growth in several countries of the region has been higher compared to other regional economies.
According to IMF forecasts, differences in economic growth rates among countries in the region are expected to gradually narrow in 2026–2027. Nevertheless, differences in the economic development dynamics of individual countries will remain.
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