Nur-Sultan (TDI): Over the past 20 years, Central Asia’s gross domestic product (GDP) has expanded fourfold in real terms and sevenfold in nominal terms, according to Evgeny Vinokurov, Deputy Head of the Eurasian Development Bank (EDB).
Vinokurov highlighted the region’s economic progress, noting a tripling in population mobility and a surge of over 17 times in incoming investments.
He emphasized that Central Asia has emerged as an economically attractive and strategically important region in recent years, The Times of Central Asia reported.
Central Asia, positioned at the heart of Eurasia, benefits from strong transport and transit potential, a growing consumer market, and expanding investment opportunities.
Despite facing external challenges, the region’s economies have shown remarkable resilience, maintaining steady growth and effectively weathering global shocks.
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Between 2022 and 2023, Central Asia’s economies grew at an average annual rate of 4.8%, significantly outpacing the global average of 3.4%, making the region’s growth rate 1.4 times faster than the global norm.
Vinokurov projects that Central Asia’s nominal GDP will exceed $500 billion in 2024.
Central Asia’s remarkable economic growth over the past 20 years highlights its potential as a key economic and transit hub in Eurasia.
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While the region faces significant challenges, collaborative solutions and investments in infrastructure and sustainability could pave the way for further growth and prosperity.
