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.