Photo: iStock
Eurasia
09/10/2024 21:33
The European Bank for Reconstruction and Development (EBRD) has released its latest Regional Economic Prospects report, projecting a positive short-term economic outlook for Central Asia. The region is expected to achieve a growth rate of 5.1 percent in 2024, with an acceleration to 5.9 percent in 2025, driven by stronger commodity revenues, infrastructure investments, and ongoing market-oriented reforms, Daryo reported.
Despite facing extreme weather conditions—such as severe flooding in Kazakhstan and livestock losses in Mongolia—Central Asian economies have demonstrated resilience and continued growth. Key contributors include sustained remittance inflows, rising wages, and an increased interest in international tourism, which have notably benefited the hospitality and services sectors in the first half of 2024.
Meanwhile the Asian Development Bank (ADB) has raised its economic growth forecast for developing Asia and the Pacific in 2024, citing strong domestic demand and robust export performance. The region is now expected to grow by 5.0 percent this year, up from the previous forecast of 4.9 percent made in April. The ADB also revised the growth forecast for Caucasus and Central Asia to 4.7 percent for this year, thanks to improved domestic demand and remittance flows.
