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Armenia’s growth has picked up in 2011, led by manufacturing, mining, and services, while agriculture has rebounded from the collapse. Credit continues to grow rapidly, particularly in foreign currency and based on strong inflows to banks. Inflation has come down sharply, reflecting policy rate hikes, spending restraint, the agriculture recovery, and favorable global price developments. Challenges include safeguarding financial system stability, strengthening tax revenues to ensure sustainability and support pro-growth and pro-poor spending, improving the business environment to enhance growth and reduce poverty and unemployment, and reducing external imbalances.

Economic indicators --- Business indicators --- Indicators, Business --- Indicators, Economic --- Leading indicators --- Economic history --- Quality of life --- Economic forecasting --- Index numbers (Economics) --- Social indicators --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Armenia --- Hayasdan --- Hayastan --- Aĭastan --- Haykʻ Metskʻ --- Mets Haykʻ --- Greater Armenia --- Armenia (Republic) --- Economic conditions. --- Economic policy. --- Banks and Banking --- Exports and Imports --- Money and Monetary Policy --- Public Finance --- Industries: Financial Services --- Foreign Exchange --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Taxation, Subsidies, and Revenue: General --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Public finance & taxation --- International economics --- Banking --- Monetary economics --- Finance --- Currency --- Foreign exchange --- Public debt --- External debt --- Credit --- Loans --- Revenue administration --- Financial institutions --- Money --- Debts, External --- Debts, Public --- Banks and banking --- Revenue --- Armenia, Republic of

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This is the final review under the Stand-By Arrangement for Georgia. Recent economic developments have been largely in line with the program expectations. Policy targets for the year 2011 have been strengthened. The authorities are in the process of designing a medium-term policy framework to address these challenges. The authorities reiterated their interest in a successor arrangement, but needed time to design their medium-term policy framework before submitting a formal request. The economy is growing at a solid pace, and international reserves have been restored to pre-crisis levels.

International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Georgia --- State of Georgia --- Peach State --- Empire State of the South --- جورجيا --- Jūrjiyā --- Cheorchia --- Estato de Cheorchia --- Jôrg·ie --- Corciya --- Джорджия --- Dzhordzhii︠a︡ --- Штат Джорджыя --- Shtat Dz︠h︡ordz︠h︡yi︠a︡ --- Джорджыя --- Dz︠h︡ordz︠h︡yi︠a︡ --- Georgie --- Jóojah Hahoodzo --- Τζόρτζια --- Tzortzia --- Πολιτεία της Τζόρτζια --- Politeia tēs Tzortzia --- Georgio (State) --- État de Géorgie --- Yn Çhorshey --- Çhorshey --- Xeorxia --- Estado de Xeorxia --- Khièu-tshṳ-â --- Jorji --- 조지아 주 --- Chojia-ju --- 조지아주 --- Chojiaju --- 조지아 --- Chojia --- Keokia --- Jorjiạ --- ג'ורג'יה --- G'org'iyah --- מדינת ג'ורג'יה --- Medinat G'org'iyah --- Jeorji --- Djòdji --- Džordžija --- Џорџија --- Жоржиа --- Zhorzhia --- Жоржиа Муж Улс --- Zhorzhia Muzh Uls --- ジョージア州 --- Jōjia-shū --- Jōjiashū --- ジョージア --- Jōjia --- Delstaten Georgia --- Jorjiya --- Georgia suyu --- Джорджія --- Штат Джорджія --- Shtat Dz︠h︡ordz︠h︡ii︠a︡ --- Giorgiye Shitati --- דזשארדזיע --- דזשארדזשיע --- Ìpínlẹ̀ `Georgia --- Džuordžėjė --- 喬治亞州 --- Qiaozhiya Zhou --- 喬治亞 --- Qiaozhiya --- US-GA --- GA --- Economic conditions. --- Economic policy. --- Banks and Banking --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Public Finance --- Finance: General --- Industries: Financial Services --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- International economics --- Public finance & taxation --- Banking --- Currency --- Foreign exchange --- Monetary economics --- Finance --- External debt --- Public debt --- Monetary base --- Loans --- Financial institutions --- Money --- Debts, External --- Debts, Public --- Banks and banking --- Money supply

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Asia has made significant progress in financial inclusion, but both its across-country and intra-country disparities are among the highest in the world. The gaps between the rich and the poor, rural and urban populations, and men and women remain deep. Income is the main determinant of the level of financial inclusion; but other factors, such as geography, financial sector structure, and policies, also play important roles. While some countries in the Asia-Pacific region are leaders in fintech, on average the region lags behind others in several important areas such as online (internet) purchases, electronic payments, mobile money, and mobile government transfers. This Departmental Paper aims to take stock of the development and current state of financial inclusion and shed light on policies to advance financial inclusion in the region. The research focuses on the impact of financial inclusion on economic growth, poverty reduction, and inequality, linkages between financial inclusion and macroeconomic policies, as well as structural policies that are important for improving financial inclusion. Given the increasing importance of financial technologies (fintech), the paper also provides a snapshot of the fintech landscape in the Asia-Pacific.

Financial institutions --- Financial services industry --- Poor --- Income distribution --- Pacific area --- Business & economics --- Social science --- Aggregate Factor Income Distribution --- Banks and banking, Mobile --- Computer applications in industry & technology --- Finance --- Finance: General --- Financial inclusion --- Financial Institutions and Services: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Financial markets --- Financial services --- Fintech --- Government and the Monetary System --- Income inequality --- Industries: Financial Services --- Macroeconomics --- Mobile banking --- Monetary Systems --- National accounts --- Payment Systems --- Regimes --- Standards --- Technological innovations --- Technology --- India