Since the collapse of the Soviet Union, the Kyrgyz Republic has made significant progress in adopting market-based reforms, with private sector development as the key engine of growth. Nevertheless, growth has occurred largely from natural resource exploitation and remittances-backed private consumption.
After decades of preferential treatment, incentives, and subsidies, state-owned enterprises (SOEs) in Viet Nam failed to compete effectively, and their financial problems created significant fiscal risks. Having virtually no access to private capital markets, general corporations had relied on extensive borrowing from the government and state-owned commercial banks to finance their operations.
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).