print logo

Eurasian Business Briefing | Research & Analysis

Business news and Investment opportunities along the New Silk Road, from China to Europe and from the Arctic to the Caspian Sea.

Avoiding the Mediocre: IMF report on Central Asia

Download PDF

Avoiding the Mediocre: IMF report on Central Asia

Download PDF Read More»

BrandZ Top 100 Chinese companies by brand value2016

Download PDF
Download PDF Read More»

Knight Frank Global Housing report Q4 2015

Download PDF

Knight Frank Global Housing report Q4 2015

Download PDF Read More»

AIIB: added momentum for Asian Infrastructure?

Download PDF

Now that the founding members of the AIIB have been finalised, focus has shifteed from “who” to “what” and “how” and the difference it is likely to make to the infrastructure market in Asia:

  • Business Impact
  • Purpose of the AIIB
  • Governance
  • Funding
  • Form of Investment
  • Target Investments
  • Collaborations, co-existence or competition?
  • Key success factors
Download PDF Read More»

Central Asia and Mongolia Insights – Commerzbank

Download PDF

Central Asia and Mongolia Insights – Commerzbank
In view of the many crises in the immediate neighbourhood, the region of Central Asia and Mongolia is becoming increasingly important: not only as a vital supplier of natural resources and energy, but also on account of its geographical location at the crossroads between Europe and Asia.

Download PDF Read More»

Russian automotive market 2014 – PwC

Download PDF

Russian automotive market 2014 – PwC

The BRIC markets have the greatest potential for unit sales growth in the next 10 years.

Going forward, the US and EU markets will not be able to demonstrate a similar growth rate as emerging economies; however, they will remain the key markets alongside China.

 China is already the largest automotive market in the world, which will continue to expand (in volume) and will be under focus of the car producers’ attention.

The role of Japan, formerly one of the world’s largest markets, will further diminish. Japanese car producers will be increasingly focused on meeting consumer needs in other countries.

Download PDF Read More»

IMF Report 2014 – Kyrgyzstan

Download PDF

IMF Report 2014 – Kyrgyzstan
Political context.
On April 3, 2014, parliament approved a new government, led by Mr. Otorbaev, the new Prime Minister. The ministers of economy and finances kept their positions. Moreover, on May 7, 2014, a new chairperson was appointed for the National Bank of the Kyrgyz Republic (NBKR). No major changes in economic policies are expected. In February 2014, parliament approved a new deal with Centerra, ending a two-year dispute over the Kumtor gold mine.
Background. In the first quarter, growth moderated to 5.6 percent (year-on-year) after the 2013 growth spike at 10.5 percent related to an unexpectedly high level of gold production. In the same period, inflation picked up slightly, owing to depreciation of the som in response to pressures from the depreciation of the Russian ruble and the devaluation of the Kazakh tenge.
The NBKR intervened heavily to mitigate these pressures, but has recently rebuilt reserves to ensure a more comfortable level of over three months of imports.
The current account is expected to deteriorate this year because of higher imports related to large public investments and FDI-financed infrastructure projects. Fiscal performance in 2013 was better than expected, with a deficit of 4 percent of GDP, but revenue headwinds call for a cautious budget in 2014.
The medium-term outlook remains broadly favorable, provided prudent macroeconomic policies continue and are supported with structural reforms, including tax policy and administration reforms, public financial management (PFM) reforms, and implementation of FSAP recommendations, in particular the Banking Code. Program. The program is broadly on track, with all end-December 2013 quantitative

Download PDF Read More»

IMF Report 2014 – Belarus

Download PDF

IMF Report 2014 – Belarus

After two crises in four years, growth has slowed amid bouts of external pressures. Following average annual GDP growth of 8% during 1997–2008, in the aftermath of the 2008 and 2011 crises growth reached only 1.7%in 2012 and 0.9% in 2013 reflecting structural limitations of the economy and a weak external environment. Repeated attempts by the authorities to boost activity through domestic policy stimulus, while delaying much-needed structural reform, have resulted in rapidly rising external imbalances and recurrent bouts of exchange rate pressures, which have in turn given rise to frequent, though modest, policy shifts in short-term efforts to maintain stability.

High external financing needs and dwindling buffers leave Belarus highly dependent on external financial support. Without more decisive policy changes to reduce imbalances, and with another year of large external payments ahead, Belarus is highly dependent on external support. Russia has promised $2 billion in loans, but modalities for this support are still being worked out and at the time of this report only $450 million has been disbursed. Meanwhile, the decision on the final $440 million tranche under the program with the Anti Crisis Fund (ACF) of the Eurasian Community has been suspended until the second half of 2014 because of noncompliance with program conditionality. Lack of progress on policies also continues to prevent discussions on a Fund program. 

Download PDF Read More»

IMF Report 2014 – Russia

Download PDF

IMF Report 2014 – Russia
Russia’s growth is slowing because of pre-existing structural reasons and the fallout from geopolitical tensions. The growth slowdown that started in 2011 continued in 2013 despite accommodative policies as the economy hit capacity constraints. The fallout from recent geopolitical tensions relating to Ukraine and, to a lesser extent, the turmoil in emerging markets (EM) following the Fed’s discussion of tapering unconventional monetary policy are bringing the economy to a standstill. 
This follows an almost doubling of Russia’s real GDP per capita over 2000-2012. During that period, growth also contributed to a significant decline in poverty rates and unemployment. However, after almost 15 years of growth based on rising oil prices, macroeconomic stabilization, and increasing use of spare resources, this growth framework has reached its limits.
The authorities had begun taking some steps toward addressing the structural bottlenecks. Since the 2008–09 crisis, the Russian authorities have strengthened their macroeconomic framework with the introduction of a fiscal rule, a transition toward inflation targeting and a more flexible exchange rate. Some structural reforms were initiated: the introduction of procurement and anti-corruption laws, measures to strengthen the judicial system, the creation of a Federal Business Ombudsman and a number of initiatives aimed at improving the business and regulatory environment. However, the privatization agenda has stalled and other structural bottlenecks continue to hamper growth, seriously constraining its long

Download PDF Read More»

IMF Report 2014 – Kazakhstan

Download PDF

IMF Report 2014 – KazakhstanContext: Solid growth in recent years, supported by high oil prices and output, has boosted living standards. This year, the economy is slowing down, in large part because of weaker domestic and external demand, and regional tensions. Inflation is expected to accelerate temporarily due to the devaluation of the tenge (February 2014).
Enhancing the policy architecture and promoting a business environment unencumbered by the state remain key challenges for Kazakhstan to become a dynamic emerging market economy and ensure durable and balanced long-term growth.
The recent reappointment of Prime Minister Massimov was accompanied by the authorities’ commitment to speeding up structural reforms. In this context, the government is strengthening its links with the multilateral development banks (MDBs).
The May 29 signing of the Eurasian Economic Union (EEU), with Russia and Belarus, is not expected to have near-term economic effects; medium-term effects will depend on how the Union’s rules and regulations will be implemented. Focus of consultation and key recommendations: Amid uncertain external and

Download PDF Read More»

IMF Report 2014 – Azerbaijan

Download PDF

IMF Report 2014 – Azerbaijan
Since the last consultation in early 2013, the government has succeeded in concluding historic agreements in the gas sector and in tapping the international financial markets. The agreements extend cooperation with a BP-led consortium over the next 40 years and enable the implementation of the Shah Deniz-2 gas project, including the construction of pipelines to facilitate the delivery of Azeri gas to Europe beyond 2018. These positive developments in the gas sector along with the strong external position of the country paved the way for the issuance of a debut Eurobond by the Azerbaijani government last March, which was well received by investors amid market turbulence in the region. 
 Notwithstanding these achievements, the overarching challenge for Azerbaijan remains to reduce its heavy dependence on the oil and gas sectors while fostering sustainable private sector–led growth. Diversification is a priority given the relatively short horizon of oil reserves and the fact that the wealth associated with gas discoveries is estimated at about one-third of the oil wealth.A more broad-based growth strategy will also help sustain the rapid decline in poverty and inequality since the early 2000s.

Download PDF Read More»

IMF Report 2014 – Mongolia

Download PDF

IMF Report 2014 – Mongolia
Mongolia has made impressive progress in developing its economy
Spearheaded by foreign direct investment (FDI)-financed development of the mining sector, per capita income has increased five-fold, to more than US$3,000, over the past decade. Medium-term prospects are promising as mining output is projected to expand further over the next five years. Foreign investors’ optimism about Mongolia’s prospects was illustrated by successful international bond issuances in 2012. A private mining company, a private bank, the state-owned Development Bank (DBM), and the sovereign (the US$1.5 billion “Chinggis” bond) raised a total of US$3bn (30%of GDP).
The strong growth of the economy has helped reduce poverty. Over the past two years, poverty has declined by more than 11 percentage points, to 27 percent of the population in 2012. However, indicators for inequality and unemployment suggest that there is scope to make growth more inclusive, despite relatively high social spending compared to Mongolia’s peers.
However, macroeconomic policies have been unsustainably loose the past two years. Government expenditure increased by 70 percent in real terms between 2010 and 2012, with growing importance of off-budget spending. In late-2012, the BOM embarked on a major monetary stimulus, which added to growing BOP pressures. During 2012 and the first half of 2013, BOP pressures were mostly reflected in a decline in the BOM’s Net International Reserves (NIR). In recent months, the exchange rate has become more flexible. Capitalization and liquidity of the banking system have improved. However, dollarization remains high and the provisioning regime for commercial banks lags Asian peers.
 

Download PDF Read More»

Cost of Doing Business in Kyrgyzstan 2013: JICA

Download PDF

Cost of Doing Business in Kyrgyzstan 2013: JICA
A guide to opening a business in Kyrgyzstan prepare jointly by the Japan International Cooperation Agency (JICA) and the Kyrgyz Republic’s Chamber of Commerce.The guide covers the methods of opening an enterprise; required procedures; and costs, licenses and permits; certificates; taxes and social payments; and logistics and cargo transportation.

Download PDF Read More»

Asian Development Bank (ADB) Statistics 2014

Download PDF

Asian Development Bank (ADB) Statistics 2014 Land; Population; National Accounts; Prices; Money; Balance of Payments; Reserves; External Debt; Central Government Finance

Download PDF Read More»

Connecting to Compete: Trade Logistics in the Global Economy

Download PDF

Connecting to Compete: Trade Logistics in the Global Economy
Supply chains are the backbone of international trade and commerce. Their logistics encompasses freight transportation, warehousing, border clearance, payment systems, and increasingly many other functions outsourced by producers and merchants to dedicated service providers. The importance of good logistics performance for economic growth, diversification, and poverty reduction is now firmly established. Although logistics is performed mainly by private operators, it has become a public policy concern of national governments and regional and international organizations. Supply chains are a complex sequence of coordinated activities. The performance of the whole depends on such government interventions as infrastructure, logistics services provision, and cross-border tra

Download PDF Read More»

Doing Business in Europe & Central Asia 2015 – World Bank

Download PDF

Doing Business in Europe & Central Asia 2015 – World Bank: 


A comparison of the business environments in 26 countries in Europe & Central Asia: Albania, Armenia, Azerbaijan, Belarus, BosniaHerzegovina, Croatia, Cyprus, Georgia, Hungary, Kazakhstan, Kosovo, Kyrgyzstan, Latvia, Lithuania, Macedonia FYR, Moldova, Montenegro,Russia, San Marino, Serbia, Tajikistan, Turkey, Ukraine, Uzbekistan

Download PDF Read More»

Doing Business in Uzbekistan 2015 – World Bank

Download PDF

Doing Business in Uzbekistan 2015 – World Bank:

Dealing with construction permits In Uzbekistan requires 23 procedures, takes 160 days and costs 1.7% of the warehouse value. (Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average of the 2 largest business cities.) 

  • Introduction
  • The business environment
  • Starting a business
  • Dealing with construction permit
  • Getting electricity
  • Registering property
  • Getting credit
  • Protecting minority investors
  • Taxes
  • Trading across borders
  • Enforcing contracts
  • Resolving insolvency
  • Distance to frontier and ease of doing business ranking
Download PDF Read More»

Doing Business in Tajikistan 2015 – World Bank

Download PDF

Doing Business in Tajikistan 2015 – World Bank:

Starting a business in Tajikistan requires 4 procedures, takes 39 days, and costs 23.3% of income per capita. (Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average of the 2 largest business cities.) 

Introduction
The business environment
Starting a business
Dealing with construction permit
Getting electricity
Registering property
Getting credit
Protecting minority investors
Taxes
Trading across borders
Enforcing contracts 
Resolving insolvency
Distance to frontier and ease of doing business ranking

Download PDF Read More»

Doing Business in Russia 2015 – World Bank

Download PDF

Doing Business in Russia 2015 – World Bank
Starting a business in Russia requires 4.4 procedures, takes 11.2 days and costs 1.2% of income per capita ( Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average of the 2 largest business cities.) 

Introduction
The business environment
Starting a business
Dealing with construction permit
Getting electricity
Registering property
Getting credit
Protecting minority investors
Taxes
Trading across borders
Enforcing contracts 
Resolving insolvency
Distance to frontier and ease of doing business ranking

Download PDF Read More»

Doing Business in Kyrgyzstan 2015 – World Bank

Download PDF

Doing Business in Kyrgyzstan 2015 – World Bank


Starting a business in Kyrgyzstan requires 2 procedures, takes days and costs 2.4% of income per capita. (Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average of the 2 largest business cities. See the chapter on distance to frontier and ease of doing business ranking at the end of this profile for more details.)

Introduction
The business environment
Starting a business
Dealing with construction permit
Getting electricity
Registering property
Getting credit
Protecting minority investors
Taxes
Trading across borders
Enforcing contracts 
Resolving insolvency
Distance to frontier and ease of doing business ranking

Download PDF Read More»