Sharp slowdown in global economic activity could pose a risk to the forecast for the eight countries of Central Asia and Caucasus, the IMF representative said.

“The region’s oil and gas exporters benefitted from the high price of oil, while the oil and gas importers benefitted from the continued recovery in Russia, which has brought a steady increase in workers’ remittances,” Middle East and Central Asia Department Director Masood Ahmed told reporters in Washington.

“The region’s oil and gas importers—Armenia, Georgia, the Kyrgyz Republic, and Tajikistan—grew by 6.2 percent last year.

Because of lower levels of global demand, these countries are likely to see a moderation in export growth, but this decline will not amount to anything approaching the sharp collapse seen in 2009. Growth for these countries is expected to reach 5.3 percent in 2012,” reads the statement on IMF website.

The IMF said high inflation has been on a downward trend in most countries in early 2012.

Ahmed advised the governments that they should Sustain strong growth and ensure that it translates into benefits for the entire population, including by creating more jobs. This medium-term objective will require further progress on improving governance and the business environment.