"In recent years, the largest regional economies – Kazakhstan, Azerbaijan and Uzbekistan – have made major strides in diversifying their economies and enhancing their economic resilience," APA-Economics reports citing the international rating agency Moody’s.
The agency stated that most regional banking systems have also built substantial buffers to help them withstand moderate shocks: "Following the pandemic and 2014-15 currency crisis in many developing countries has resulted in declines in dollarisation at banks, making them less vulnerable to external shocks."
Moody’s added that in the region's corporate sector, they expect the sound business and financial profiles, comfortable liquidity and the benefits of state
support to help the mostly large and predominantly state-owned entities that they rate to navigate the economic turbulence.
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