The Caucasus and Central Asia (CCA) countries have experienced a secular slowdown in output growth rates  and slower convergence to higher income countries in the aftermath of the global financial crisis, which was  exacerbated by the COVID-19 pandemic. There is a long-standing policy discussion on how to boost CCA  growth in the medium-term. Business surveys suggest that insufficient financial development (low access to  finance, lack of financing instruments, high lending rates, etc.) is one of the most prominent impediments to  growth (Gigineishvili and others, 2022). The purpose of this paper is to provide stylized facts on financial  development in the CCA and assess how financial development can boost growth in these countries.