The sharp fall in the global prices of hydrocarbons in 2016 resulted in a massive devaluation of manat, the local currency of Azerbaijan, whose economic growth is largely sustained by the exploration of large reserves of crude oil and natural gas.
Tropical Cyclone Winston, the second most powerful storm on record, after the 2013 Typhoon Yolanda in the Philippines, struck Fiji on 20 February 2016. The cyclone killed 44 people and left a trail of destruction across large parts of the rural areas. Total damage and loss was estimated at $1.4 billion—equivalent to 27.6% of the country’s 2016 gross domestic product (GDP).
Strong economic growth, driven by years of economic reforms and the country’s vast mineral wealth, supported Mongolia’s rise to middle-income status in 2011. It also bolstered fiscal revenues and allowed the government to strengthen its social welfare programs, which were crucial for inclusive development, as the mining sector that comprised the main driver of growth provided less than 4% of e
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.
Just 2−4 years after it was severely hit by the 1997 Asian financial crisis, the Indonesian economy began to steadily recover. Real gross domestic product growth rose from 0.8% in 1998 to 2%–3% during 2000–2002 and reached 5.5% in 2006. Wide−ranging finance sector reforms accounted for much of this recovery.