WB: Central Asia Can Create Millions of Good Jobs

A 10 per cent productivity boost could generate up to 2 million new jobs in Central Asia and accelerate economic growth, according to the World Bank’s new report, Tides of Change: Igniting Productivity Growth in Europe and Central Asia.

Experts warn that simply adding more labor and capital is no longer enough-countries must improve how efficiently they use their resources. The report links the region’s post-2008 economic slowdown almost entirely to a sharp drop in productivity growth, The Caspian Post informs via Kyrgyz media.

The World Bank estimates that if productivity in Europe and Central Asia had kept pace with pre-crisis levels, the region’s GDP today would be about 62 per cent higher.

The study highlights that the most productive firms are exporters. Although they make up a small share of all businesses, they contribute significantly to jobs, investment, and value creation.

“The region is at a critical juncture. By reinvigorating reform momentum and putting productivity growth at the forefront, countries can create more and better-quality jobs, raise living standards, and build a more sustainable future. The time to act is now,” said Asad Alam, World Bank Regional Director for Europe and Central Asia.