Central Asian Economy Outpacing Global Growth; EDB Study Shows
Central Asia’s Economy Growing Faster than Global Average
In a recent report by the Eurasian Development Bank (EDB), Chief Economist Evgeny Vinokurov stated that the Central Asian economy is growing 1.4 times faster than the global average. This region, which includes countries such as Kyrgyzstan, Kazakhstan, and Uzbekistan, is becoming increasingly attractive for investment and as a sales market.
Vinokurov highlighted the region’s transport and transit potential as a key factor in its appeal for investors. Central Asia is seen as a rapidly growing and highly important economic region in the heart of Eurasia.
Despite facing global challenges, the Central Asian region has shown resilience and impressive growth rates, outpacing many emerging markets. The population has reached 80 million, and foreign investment in the region continues to increase.
On average, the Central Asian economy grew by 4.7 percent annually from 2022 to 2024, which is more than 40 percent faster than the global average. The EDB estimates that the nominal GDP of Central Asia will exceed $520 billion in 2024, surpassing the half-trillion mark.
Looking ahead to 2025-2027, the EDB predicts multidirectional price dynamics in commodity markets. Oil prices are expected to decrease due to increased supply and weak demand, while metals are projected to rise in price because of the development of low-carbon energy and lower rates in developed countries. Food products may see a price increase after a significant reduction in prices in the previous years.
The EDB analysts also anticipate that the GDP growth in the bank’s operational region will reach 2.9 percent by the end of 2025. Central Asia is expected to continue using internal sources of growth to support economic activity amid limited external demand, with efforts to diversify export positions and expand borrowing opportunities.
Overall, the Central Asian region is on a path of sustained growth and development, positioning itself as a key player in the global economy. Investors and businesses are increasingly turning their attention towards this rapidly growing and dynamic market.
