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.
Samoa’s narrow economy and limited resources create a difficult environment for business, and make the country highly vulnerable to global economic shocks. Frequent natural calamities exacerbate this vulnerability, as demonstrated by the cascade of negative impacts on the country’s economy by the global financial crisis in 2008, a tsunami in 2009, and Tropical Cyclone Evan in 2012.
The Philippines is an early leader in the move towards decentralized local governance and fiscal decentralization in Southeast Asia. As early as the 1970s, it explored various institutional and legal arrangements for central–local fiscal relations. In 1991, it passed the Local Government Code, providing an ambitious mandate for local governments to deliver public services.
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.