Introduction to Economic Growth in Central Asia
The Center for Economic Research and Reforms (CERR) recently hosted an international forum focused on employment and sustainable economic growth in Central Asia. A key highlight of the event was the presentation of the World Bank’s new report, "Europe and Central Asia Economic Update: Employment and Prosperity." This gathering brought together officials from various Uzbek ministries, World Bank representatives, think tanks, and independent experts to delve into labor market trends, job creation, and the region’s economic resilience.
Challenges and Opportunities in Central Asia
According to World Bank Regional Director for Central Asia, Najy Benhassine, Central Asia is facing a significant employment challenge due to its growing working-age population. However, Benhassine praised Uzbekistan’s economic growth, which is driven by large-scale reforms, emphasizing the need to create quality jobs for the country’s young and skilled workforce. CERR Deputy Director Nozimjon Ortikov stressed the importance of cooperation between government, business, and international partners to build an economy that can withstand global shocks and generate inclusive jobs, particularly in areas like the green economy and artificial intelligence.
Economic Projections and Growth
The World Bank’s Senior Economist, Ivan Torre, presented key findings from the report, noting that Central Asia remains one of the fastest-growing regions, with projected real GDP growth of about 5% in 2026 and 4.6% in 2027. Uzbekistan is expected to lead with a growth rate of 6.2% in 2025 and 6% in 2026, making it one of the top performers. Much of the employment growth in the region is anticipated to be in renewable energy and rare-earth mineral extraction, driven by strong energy demand and favorable conditions for solar and wind power.
Strategies for Boosting Investment and Job Opportunities
Participants at the forum discussed various strategies to enhance investment, expand job opportunities, and strengthen economic resilience. They underscored the importance of regular analytical and research exchanges between national and international institutions. These discussions highlighted the potential for Central Asia to leverage its natural resources and strategic location to attract investment and promote sustainable economic growth.
Conclusion
In conclusion, the international forum hosted by the CERR provided a valuable platform for discussing the challenges and opportunities facing Central Asia in terms of employment and sustainable economic growth. The presentation of the World Bank’s report and the discussions that followed underscored the need for concerted efforts to create quality jobs, particularly for the young and skilled workforce, and to build an economy resilient to global shocks. By fostering cooperation and leveraging opportunities in sectors like renewable energy, Central Asia can pave the way for a prosperous and sustainable future.
