The economy of Central Asia is growing.  The reason is “very clear”

The economies of Central Asian countries are growing

The latest European Bank for Reconstruction and Development (EBRD) report shows that in the first half of 2023, Central Asian countries recorded significant growth. Tajikistan recorded the highest growth rate – 7.5 percent, the economy of Uzbekistan grew by 6.5 percent, Kazakhstan – by 5 percent, and Kyrgyzstan – by 4.6 percent.

Dr. Anna Mateeva from the Russian Institute of King’s College in London, citing the portal, points to a “very clear” reason for this phenomenon – the Russian armed invasion of Ukraine, which “prompted citizens of Russia and Belarus to transfer their money and companies to Central Asian countries to avoid Western sanctions.” However, it “fueled domestic consumption and demand for refined goods.”

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The British analyst added that Russian companies moved mainly to Kazakhstan and Kyrgyzstan, and their geographical and cultural proximity made this process much easier. What also makes the situation easier is that both countries are members of the Eurasian Economic Union (which also includes Russia, Belarus and Armenia), which facilitates economic integration thanks to the common market, single regulations and free trade area.

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