Over the last twenty years, as stated by Evgeny Vinokurov, Deputy Head of the Eurasian Development Bank (EDB), the GDP of Central Asia has increased four times over in real terms and seven times over in nominal terms. Vinokurov concentrated on the evidence of the region’s economic growth, with a growth of three times in mobility of population and an increase of more than 17 times in incoming investments.
He made it clear that Central Asia has turned out in recent years to be an economically attractive and strategically crucial region. Central Asia, the epicenter of the Eurasian vastness, has a high potential for transport and transit, a growing consumer market, and more expanding investment potentials.
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Challenges from outside notwithstanding, the economies of the region have recorded impressive resilience, constantly growing and faring well in absorbing shocks in global terms. In fact, between 2022 and 23, Central Asia’s economies grew on average at an annual rate of 4.8 percent, which is considerably above the global average of 3.4 percent. According to Vinokurov, in 2024, the nominal GDP of Central Asia will surpass $500 billion.
What has been gained over the last 20 years by Central Asia in terms of economic growth makes it a proper candidate to be an economic and transit hub in Eurasia. Although these challenges do come with very serious threats, partnerships certainly can make them worthwhile solutions through investments in infrastructure and sustainability.