(MENAFN- Trend News Agency)
ALMATY, Kazakhstan, December 5. Central Asia's
economy has grown faster than the global Economy in the last two
years, Deputy Chairman of the Board and Chief Economist of the
Eurasian Development bank (EDB) Evgeny Vinokurov said during the
EDB's macroeconomic forecast presentation today, Trend reports.
"In recent years, the intricacy and prevalence of external
obstacles have escalated. Nevertheless, the economies of Central
Asia have sustained their momentum and exhibited considerable
resilience to external disturbances. Central Asia's GDP had an
average yearly growth of 4.8 percent in 2022-2023, surpassing the
global average growth of 3.4 percent.
In the past two years, Central Asia has expanded at a rate 1.4
times greater than the global average. Our projections indicate
that by 2024, the nominal GDP of Central Asia will surpass $500
billion," he explained.
Vinokurov suggests that with a population of 80 million, which
has seen a growth spurt of over three percent in the last couple of
years, the Central Asian region is throwing open the doors to a
"demographic window of opportunity" for economic growth that could
stretch on for the next 15-20 years.
"Central Asia's economy has become a major economic region. It
is attractive for both investments and as a consumer market. The
region is also appealing for utilizing its transport and transit
potential. It is a large, fast-growing, and highly significant
economic region in the heart of Eurasia," the expert also said.
He highlighted that Central Asia encounters a multitude of
hurdles to sustain its growth trajectory.
"Among them we can underscore the lack of access to the sea,
climate and environmental risks, and the uncoordinated development
of the water-energy complex. These challenges are best addressed
collectively and in coordination between the region's countries,
with the involvement of external players.
If these issues are tackled together, coordinating water and
energy development, creating an Eurasian transport framework, and
expanding renewable energy sources, it will be cheaper and more
effective," he mentioned.
Vinokurov emphasized that Central Asian countries can achieve
sustainable long-term growth.
"The conditions for sustainable long-term growth include
addressing water and transport issues, investing in human capital
and social infrastructure, providing a green light to private
capital, making strategic investments in infrastructure, and
accelerating industrial development," he concluded.
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