Central Asian Economy Outpaces Global Growth by 1.4 Times – EDB

Evgeny Vinokurov, Chief Economist at the Eurasian Development Bank (EDB), stated that the Central Asian economy is growing 1.4 times faster than the global average, The Caspian Post reports citing 24.kg.

According to him, Central Asia is interesting for investment, as well as a sales market. Its transport and transit potential is attractive. This is a large, rapidly growing and highly important economic region in the heart of Eurasia.

According to EDB experts, the region not only remains resilient in the face of global challenges, but also demonstrates impressive growth rates, outpacing many emerging markets. The region’s population has reached 80 million, and foreign investment continues to grow.

On average, the Central Asian economy grew by 4.7 percent annually in 2022-2024. This is more than 40 percent faster than the world as a whole.

According to EDB estimates, in 2024, the nominal GDP of Central Asia will amount to about $520 billion, thereby exceeding the half-trillion mark.

As the bank’s experts note, in 2025-2027, the sustained growth of the global economy will lead to multidirectional price dynamics in commodity markets. Oil prices will fall due to increased supply amid weak demand. Metals, on the contrary, will rise in price due to the development of low-carbon energy and lower rates in developed countries. Food products will begin to rise in price after a significant reduction in price in 2023-2024.

The EDB operational region will continue to use internal sources of growth to support economic activity amid limited external demand. The negative impact that the decline in oil prices has on the economies of energy-exporting countries will be mitigated by expanding the diversification of export positions and expanding the possibilities of external borrowing as the world’s leading central banks reduce interest rates. EDB analysts project that the GDP growth in the bank’s operational region will reach 2.9 percent by the end of 2025.